Fundamental Equity Analysis - FTSE Eurotop 100 Index Members (E100 Index) by Q.M.S Advisors

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations QMS Advisors FlexIdx EUROTOP 100 The FTSE Eurotop 100 Index is a modified capitalization-weighted index of the most actively traded and highly capitalized stocks in the pan-European markets.

October 2013

Q M S Advisors .

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

15589099

2072.157

1117

203

219

104.06

110.23

16.29

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

776

790

234.33

302.66

22.82

20.47

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

6.11

8.07

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

1524

1661

538.12

807.42

31.40

24.43

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

969

861

454.08

567.77

21.44

18.26

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

1859

1968

732.48

803.81

16.58

16.59

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

547

684

215.80

320.53

21.50

17.78

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

376

393

278.61

269.06

1.39

1.48

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

191

180

84.97

88.32

11.89

12.19

11.44

19.60

NESTLE SA-REG

CHF

223812

1972

3189

98836

101372

104158

109419

4.11

21.29

20.89

20.04

18.57

8.08

16.08.2007

HSBC HOLDINGS PLC

GBp

200559

8254

18476

458

484

142025

125099

106647

110783

0.78

1.39

1.54

1.67

20.02

18.06

16.66

-10.88

A+

29.11.2011

Aa3

21.06.2012

ROCHE HOLDING AG-GENUSSCHEIN

CHF

231397

550

863

248.69

50004

50963

51968

53911

21321

21572

15.15

14.54

16.53

17.75

20.29

19.98

17.85

16.62

7.67

1.55

9.25

2.94

46.52

17.09.2012

NOVARTIS AG-REG

CHF

207151

1631

2421

244.21

62285

62797

63163

64877

18369

18107

4.40

4.24

5.65

6.12

21.93

21.52

16.47

15.20

-3.55

7.45

-6.81

11.60

31.69

AA-

07.04.2008

Aa3

08.02.2013

VODAFONE GROUP PLC

GBp

168521

32748

48919

216.03

71421

71609

72431

22120

0.21

0.01

0.25

398.74

27.07

22.73

22.72

-6.83

6.95

-39.25

1.54

49.77

A-

05.09.2013

04.09.2013

BP PLC

GBp

131643

10249

19136

242.96

603535

598269

560193

553807

32849

40603

15736

0.36

2.18

1.25

1.44

8.32

17.54

14.56

12.59

0.03

5.10

-88.96

-18.40

10.91

24.09.2010

ROYAL DUTCH SHELL PLC-A SHS

GBp

211951

1140

6331

377.18

750688

732193

721241

724682

83744

84226

23995

6.61

6.06

6.25

6.57

13.99

15.04

13.56

12.90

-1.03

5.48

-11.00

-1.10

18.49

03.09.2009

Aa1

20.07.2005

GLAXOSMITHKLINE PLC

GBp

122629

3781

4903

149.27

42473

42452

43363

44969

17058

15926

4099

2.00

1.32

1.85

2.03

30.53

23.43

21.74

19.83

-5.61

4.25

9.59

6.46

60.29

A+

18.02.2008

TOTAL SA

EUR

137893

1634

2258

167.99

246483

239840

246008

255118

43730

41094

12742

6.90

5.69

6.84

7.01

13.78

13.81

11.47

11.19

12.79

4.05

-2.37

1.39

23.17

AA-

12.04.2011

Aa1

30.08.2005

SANOFI

EUR

134376

803

1323

148.72

47251

45468

45879

48402

16744

15211

6.02

3.49

7.29

8.23

39.25

30.39

18.77

16.64

6.31

4.83

-2.24

4.14

45.23

03.05.2013

28.03.2013

BRITISH AMERICAN TOBACCO PLC

GBp

99731

576

2026

117.67

24409

24602

24782

25422

9871

10037

5533

3.29

3.31

3.54

3.81

25.51

24.57

23.83

22.14

-2.18

11.44

-4.40

20.97

65.56

A-

09.11.2012

BAYER AG-REG

EUR

97666

659

827

109.74

53759

54290

55228

58268

12170

12569

2499

7.56

4.75

7.77

8.77

33.65

23.83

20.55

18.21

11.96

5.76

0.57

8.37

31.30

A-

30.04.2008

17.07.2006

SIEMENS AG-REG

EUR

105968

735

856

124.04

105863

104232

103545

106699

13052

11766

2231

7.57

7.37

7.40

9.44

22.07

22.27

21.98

17.22

9.26

0.28

-10.81

1.13

15.26

A+

05.06.2009

BANCO SANTANDER SA

EUR

89580

35235

9235

568

260

104325

56260

55555

58085

0.24

0.37

0.58

0.73

29.73

15.35

18.83

14.98

-1.47

5.13

BBB

16.10.2012

(P)Baa2

24.10.2012

BASF SE

EUR

87576

1202

918

105.72

97524

101517

100267

96008

13073

13327

3021

7.10

6.67

7.24

7.94

19.34

19.35

17.81

16.23

-2.52

5.34

-24.93

-2.16

17.75

A+

10.05.2011

17.11.2010

ROYAL DUTCH SHELL PLC-B SHS

GBp

211951

1998

6331

377.18

750688

732193

721241

724682

83744

84226

23995

6.61

6.06

6.25

6.57

14.69

15.79

14.24

13.55

-1.03

5.48

-11.00

-1.10

18.49

03.09.2009

Aa1

20.07.2005

ANHEUSER-BUSCH INBEV NV

EUR

160442

532

1602

281.90

53756

54505

59346

66217

21022

21132

6180

6.03

11.05

6.45

7.38

16.54

31.55

28.34

24.76

2.47

5.64

2.22

24.19

52.42

01.05.2012

27.03.2012

DIAGEO PLC

GBp

79170

1424

2503

94.26

18372

19756

21396

6317

3781

1.68

1.60

1.81

2.01

31.73

30.07

27.94

25.21

10.02

11.73

4.41

15.00

55.25

A-

01.09.2005

17.10.2005

DAIMLER AG-REGISTERED SHARES

EUR

82926

1341

1068

114

177.40

154539

154402

158843

169698

16412

14676

7.67

8.48

6.51

7.50

12.37

25.12

16.11

13.97

9.84

6.13

-0.86

-7.01

12.85

A-

23.02.2012

01.10.2007

UBS AG-REG

CHF

78100

5026

3747

294

241.34

41492

42530

32031

32564

17067

0.58

-0.70

1.09

1.42

17.43

20.49

15.72

-8.40

-11.00

-12.18

-34.44

29.11.2011

21.06.2012

ALLIANZ SE-REG

EUR

71481

842

453

82.28

129827

131187

138510

142326

15.72

32.71

17.70

18.21

6.48

12.11

11.98

11.64

13.36

4.48

27.01.2012

Aa3

03.05.2004

BARCLAYS PLC

GBp

58593

25673

13254

703

206

54662

53487

46608

47981

0.19

-0.02

0.43

0.52

124.90

15.86

13.15

-31.37

A-

02.07.2013

(P)A3

21.06.2012

SAP AG

EUR

90643

1087

1192

92.74

21935

22496

23332

25414

6763

6931

2018

3.22

3.38

4.59

5.14

29.51

29.33

21.72

19.41

18.90

10.48

9.83

14.94

41.66

NOVO NORDISK A/S-B

DKK

93067

180

543

91.18

14159

14911

15415

16739

5815

6211

1652

8.09

8.61

9.52

3.80

3.57

3.23

3.19

2.57

5.24

3.96

7.56

AA-

19.06.2013

BNP PARIBAS

EUR

84021

2194

1240

1369

189

90416

126552

52914

53969

7.40

5.52

6.34

7.19

16.55

13.64

14.41

12.70

-7.88

-5.73

A+

25.10.2012

21.06.2012

BG GROUP PLC

GBp

64613

1598

3614

122.95

30424

31551

32184

35345

16388

16601

3347

2.08

2.02

1.96

2.25

24.39

24.87

25.09

21.90

11.52

-5.44

10.47

9.85

84.55

ASTRAZENECA PLC

GBp

64519

851

1247

106.56

44951

42714

41846

40405

17127

17797

3622

9.74

6.28

8.39

7.74

21.28

16.86

15.93

17.26

-26.88

-6.93

-31.69

-0.77

66.95

AA-

27.07.2007

11.04.2013

BANCO BILBAO VIZCAYA ARGENTA

EUR

63458

22182

5433

306

47623

29665

29736

31195

0.79

0.40

0.81

0.95

37.22

13.33

18.45

15.70

8.89

2.88

BBB-

16.10.2012

Baa3

24.10.2012

TELEFONICA SA

EUR

70671

8106

4503

151.02

84310

81040

78297

77689

28706

27463

1.02

1.17

1.39

1.47

17.95

21.04

15.08

14.29

-1.03

0.50

12.82

-1.94

45.82

BBB

20.12.2012

Baa2

18.10.2012

BHP BILLITON PLC

GBp

168132

1616

5324

320.15

106007

108408

114277

45110

26595

3.80

3.28

4.15

4.57

23.01

19.87

18.19

16.54

-13.92

6.79

-27.49

-0.07

68.38

A+

15.11.2010

(P)A1

15.11.2010

UNILEVER NV-CVA

EUR

118212

1998

2832

134.53

69394

69532

69285

72044

11071

11750

2.06

2.26

2.16

2.34

23.30

21.87

24.32

22.49

14.13

6.95

13.15

5.26

22.85

A+

05.10.2000

11.07.2000

RIO TINTO PLC

GBp

92851

1503

1847

202.79

81901

80575

83052

88000

25554

25067

19501

5.74

-6.20

7.95

8.96

27.98

15.68

13.91

-25.40

0.60

-64.83

13.95

49.99

A-

18.04.2011

LLOYDS BANKING GROUP PLC

GBp

84301

47274

70424

312

170

58506

59802

29624

29595

0.02

0.09

0.10

105.83

34.93

22.22

18.12

2.82

A-

29.11.2011

21.06.2012

ENI SPA

EUR

82894

8676

3623

109.10

172012

166702

158407

162444

33213

27720

9392

0.85

1.96

2.40

36.13

328.28

15.74

12.83

21.75

4.40

-6.14

-1.42

22.48

16.07.2013

16.07.2012

ABB LTD-REG

CHF

54084

1950

2296

64.10

43231

44737

45261

47034

5818

6304

1693

1.32

1.34

1.59

1.81

21.18

20.27

17.81

15.66

3.89

3.70

-7.61

2.73

15.49

08.06.2010

GLENCORE XSTRATA PLC

GBp

71560

8882

7099

201.25

344586

351139

396472

419104

7394

8359

12091

0.29

-1.88

0.46

0.66

30.24

21.30

24.42

19.22

6.47

-5.79

3.83

BBB

29.11.2012

CIE FINANCIERE RICHEMON-REG

CHF

57079

675

553

43.11

11155

12127

13271

3096

1796

3.96

4.02

4.40

4.93

22.20

22.60

20.29

18.09

15.89

15.09

19.80

16.00

30.50

LVMH MOET HENNESSY LOUIS VUI

EUR

99394

256

500

107.90

37998

38983

40727

44883

9486

9662

9.59

8.98

9.88

11.24

29.47

29.43

26.79

23.54

25.40

16.59

19.04

15.27

33.51

20.05.2011

SABMILLER PLC

GBp

80913

516

1670

158.69

37302

38189

40915

9213

3.44

3.31

4.04

4.52

39.57

38.05

32.37

28.94

10.73

26.25

18.05

7.46

39.69

BBB+

04.08.2003

Baa1

27.10.2005

UNILEVER PLC

GBp

116727

1117

2832

158.64

82475

82639

82344

85624

13158

13964

2.44

2.68

2.57

2.78

28.00

27.07

29.20

27.00

16.80

8.26

15.63

6.22

27.15

A+

05.10.2000

11.07.2000

STANDARD CHARTERED PLC

GBp

57785

1004

2413

179

208

42925

43667

32037

34449

3.68

2.80

3.62

3.97

22.07

15.45

17.07

15.57

15.11

5.69

A+

01.12.2011

26.11.2010

PRUDENTIAL PLC

GBp

46884

1185

2557

46.53

89147

86752

92373

94578

1.23

1.02

1.37

1.53

28.97

28.29

21.50

19.28

83.50

A+

17.08.2010

20.12.2002

TESCO PLC

GBp

46914

5368

8054

59.48

104172

108436

112263

6616

0.47

0.28

0.52

0.55

33.56

19.96

17.97

17.02

2.29

9.32

-35.47

4.42

10.21

BBB+

19.04.2013

Baa1

20.04.2012

RECKITT BENCKISER GROUP PLC

GBp

51888

310

734

56.37

15374

15896

16367

16971

4368

4450

4.23

3.81

4.29

4.42

30.42

26.79

27.06

26.25

1.39

16.78

4.50

26.03

44.98

A+

16.12.2003

DEUTSCHE BANK AG-REGISTERED

EUR

46481

2454

929

377

199

70713

66671

44995

45825

4.18

0.24

4.93

6.09

253.29

25.72

12.51

10.13

-0.93

-9.09

02.07.2013

21.06.2012

CREDIT SUISSE GROUP AG-REG

CHF

47790

1999

1325

363

42107

41736

29466

30450

2.42

1.78

2.81

3.29

18.66

11.14

11.85

10.11

-11.28

-12.16

A-

02.07.2013

(P)A2

21.06.2012

DEUTSCHE TELEKOM AG-REG

EUR

64155

7063

4319

131.81

78649

78826

80111

81121

23970

23659

6082

1.36

-1.60

0.86

0.94

13.94

22.73

20.83

-1.12

0.26

-16.56

2.01

40.58

BBB+

19.05.2008

Baa1

22.12.2011

SCHNEIDER ELECTRIC SA

EUR

47195

952

547

54.55

32377

32407

33087

35603

5188

5200

4.81

4.41

5.53

6.18

25.83

24.40

20.60

18.43

9.69

7.67

4.07

6.12

21.70

17.07.2013

12.01.2009

NATIONAL GRID PLC

GBp

43875

2124

3666

79.22

23074

23961

24707

8043

0.90

1.01

0.84

0.89

18.78

21.08

22.49

21.35

6.12

6.82

7.67

11.05

56.01

A-

24.08.2007

Baa1

12.01.2007

BT GROUP PLC

GBp

43575

3983

7880

57.62

29332

28896

29115

28996

9553

9516

2298

0.41

0.46

21.78

21.32

21.52

19.27

-8.77

-4.75

8.27

0.84

52.92

BBB

19.07.2011

250.05

3.52

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3.58

3.81

-3.17

A-

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

15589099

2072.157

1117

203

219

104.06

110.23

16.29

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

776

790

234.33

302.66

22.82

20.47

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

6.11

8.07

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

1524

1661

538.12

807.42

31.40

24.43

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

969

861

454.08

567.77

21.44

18.26

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

1859

1968

732.48

803.81

16.58

16.59

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

547

684

215.80

320.53

21.50

17.78

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

376

393

278.61

269.06

1.39

1.48

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

191

180

84.97

88.32

11.89

12.19

11.44

19.60

ING GROEP NV-CVA

EUR

43101

3801

281

287.99

53142

53091

20534

20854

0.92

1.01

1.36

1.51

15.09

14.49

11.17

10.02

-34.54

-8.67

03.09.2009

AIR LIQUIDE SA

EUR

43219

160

311

52.79

20722

20762

21323

22854

5128

5170

7.03

6.85

7.21

8.00

27.36

27.48

26.00

23.42

8.13

4.97

8.68

9.19

33.67

02.07.2007

HENNES & MAURITZ AB-B SHS

SEK

72051

1352

1655

70.34

18842

19430

19984

22255

3971

3976

1341

1.59

1.64

1.89

4.28

4.14

3.60

1.53

1.42

1.20

0.74

3.19

DANONE

EUR

47319

641

593

58.67

28217

29005

29698

31329

4897

4601

3.77

4.02

4.14

4.47

25.24

25.29

24.51

22.69

10.86

10.43

5.27

15.34

21.45

A-

25.07.2007

06.11.2007

L'OREAL

EUR

103923

217

598

103.15

30371

31081

31481

33292

6136

6359

6.56

6.67

6.93

7.47

34.78

34.71

33.44

31.02

14.09

8.60

19.93

7.41

27.66

ERICSSON LM-B SHS

SEK

43933

4403

3220

38.20

35528

35695

35818

37401

5003

3599

1123

-0.08

0.68

0.89

3.05

2.34

0.06

0.46

0.69

0.04

1.57

BBB+

15.06.2007

10.06.2011

AXA SA

EUR

55084

3365

2389

52.80

157115

157511

136372

139779

2.44

2.14

2.75

2.93

14.56

14.01

11.34

10.64

24.57

15.30

A-

18.12.2012

19.03.2003

ZURICH INSURANCE GROUP AG

CHF

37878

227

147

49.60

77422

78767

64599

65897

29.11

26.25

29.82

31.94

11.83

11.82

10.41

9.72

36.24

6.94

SYNGENTA AG-REG

CHF

37500

177

44.94

15608

15746

16531

17653

3460

3361

25.01

21.28

25.60

28.84

23.00

20.68

19.12

16.97

7.74

3.43

9.85

11.26

23.46

15.06.2007

LINDE AG

EUR

36426

166

185

49.74

20660

22057

23107

24628

4655

5118

1375

9.36

9.65

11.25

12.67

27.54

27.91

23.63

20.98

14.64

7.42

14.91

10.85

31.37

25.05.2012

28.04.2010

IMPERIAL TOBACCO GROUP PLC

GBp

35450

408

990

53.30

23577

23064

12602

12903

5338

5128

3032

2.65

0.79

3.36

3.57

74.07

24.53

17.47

16.45

-5.44

36.46

3.06

26.39

35.73

BBB

20.05.2008

SOCIETE GENERALE

EUR

39463

1871

754

1002

149

31222

33171

4.91

1.60

4.58

5.84

41.80

19.37

14.58

11.44

-12.00

23.01.2012

21.06.2012

EADS NV

EUR

49770

806

822

NORDEA BANK AB

SEK

48767

4740

4030

BAYERISCHE MOTOREN WERKE AG

EUR

68535

465

656

VOLKSWAGEN AG-PREF

EUR

106397

432

465

159

ROLLS-ROYCE HOLDINGS PLC

GBp

33417

1325

1872

ASML HOLDING NV

EUR

44059

666

407

GDF SUEZ

EUR

60516

2238

2357

INDITEX

EUR

95151

353

623

E.ON SE

EUR

35496

5572

ANGLO AMERICAN PLC

GBp

33504

981

MUENCHENER RUECKVER AG-REG

EUR

34954

192

179

VIVENDI

EUR

30769

1014

1323

CENTRICA PLC

GBp

30507

5517

5199

KONINKLIJKE PHILIPS NV

EUR

30002

1673

915

SWISS RE AG

CHF

30434

487

UNICREDIT SPA

EUR

36658

DEUTSCHE POST AG-REG

EUR

IBERDROLA SA

EUR

VINCI SA

8296

59816 47.87

15.06.2012 -

76366

78256

79243

84362

5310

5896

1742

1.96

2.31

3.63

4.92

37.05

37.03

23.51

17.36

20.23

9.98

32.18

31.24

10.19

06.09.2013

(P)A2

06.12.2012

2723

2608

1578

1648

0.12

0.14

1.79

1.74

1.55

0.72

-0.49

AA-

29.11.2005

Aa3

24.05.2012

146.25

103905

103368

106081

111640

21975

21677

10.50

10.65

10.68

11.01

13.56

13.53

13.12

15.77

8.97

7.05

21.79

28.35

16.04.2012

22.07.2011

234.29

260514

264988

271080

284557

33023

33548

62.58

51.08

28.57

33.04

6.18

6.20

11.04

9.55

28.29

17.14

19.36

13.58

17.12

A-

31.08.2009

17.08.2009

33.15

19542

22153

24702

26239

2711

3196

1875

1.50

0.63

1.08

1.16

45.27

17.39

26.49

24.58

14.98

21.34

22.48

31.97

23.18

13.04.2012

41.87

6397

5855

6966

8879

1816

1372

385

3.62

2.80

2.95

4.67

47.64

48.08

45.17

28.52

-22.00

64.68

-34.66

9.65

31.67

Baa2

11.11.2010

132.02

131203

130133

110741

111484

24880

24196

18300

1.80

0.53

1.87

1.85

63.88

22.66

18.16

18.33

9.49

20.54

19.60

27.94

25.14

06.05.2013

03.07.2012

90.32

21560

22122

23309

25793

5310

5295

1668

5.12

5.14

5.62

6.31

40.19

40.11

36.76

32.72

21.11

15.84

29.99

17.33

32.36

1907

63.88

178601

177574

161688

164496

11416

13475

2.45

1.66

1.67

1.60

14.42

9.34

14.33

14.97

22.91

13.33

132.20

-7.11

10.26

A-

27.07.2012

05.10.2011

1391

77.14

46217

47386

50259

51335

12345

12423

7614

4.16

-2.89

2.89

3.40

18.10

21.54

18.32

-9.56

5.01

-52.21

-8.01

42.13

BBB

04.04.2013

Baa2

07.08.2013

37.40

89097

88606

73672

75241

24.31

23.55

22.55

22.67

11.19

11.69

11.62

11.07

9.16

AA-

22.12.2006

58.51

39202

37031

33447

33374

10353

8787

0.92

-0.40

1.93

1.99

125.51

16.11

15.62

0.85

-1.62

-18.19

5.37

32.08

BBB

26.10.2012

Baa2

13.09.2005

37.88

38473

41163

41059

45449

5942

6487

0.42

0.34

0.45

0.48

27.88

27.28

21.22

20.07

7.87

11.97

18.84

13.02

25.32

A-

29.05.2009

21.06.2006

32.90

33515

32720

32299

33927

3330

3286

1244

0.97

0.44

2.08

2.47

98.62

49.56

20.84

17.51

13.23

-2.21

145.82

-4.79

13.58

A-

11.05.2005

20.04.2006

343

42.33

36395

39016

37279

39394

12.16

16.12

10.87

9.34

6.19

6.66

9.18

10.69

21.03

8.01

80114

5789

446

56142

32912

33106

33634

0.24

0.17

0.27

0.50

51.80

31.17

16.96

-1.43

-4.27

BBB

12.07.2013

Baa2

16.07.2012

40034

2167

1209

44.39

75057

75053

77114

80397

5326

5489

1355

1.98

2.06

2.04

2.19

21.78

23.55

21.94

20.41

6.87

1.25

10.03

-3.26

9.89

27.11.2012

31.07.2006

36211

19738

6053

72.01

46243

46704

46352

46520

9705

8234

0.62

0.60

0.55

0.51

13.02

12.74

14.30

15.35

10.91

8.38

3.43

10.88

23.84

BBB

28.11.2012

(P)Baa1

05.11.2012

EUR

34623

820

536

54.51

52979

53276

53660

54361

7447

7359

4.76

4.73

4.64

4.90

16.49

16.58

16.80

15.93

5.52

4.76

1.54

5.03

18.68

BBB+

29.03.2007

Baa1

23.07.2002

ASSICURAZIONI GENERALI

EUR

30754

5622

1541

37.90

110101

111790

102510

104268

0.97

0.31

1.89

1.99

86.67

14.12

13.40

14.63

0.50

A-

12.07.2013

Baa2

21.03.2013

ENEL SPA

EUR

35854

32566

9403

139.49

111816

112024

111418

110636

21836

23770

0.12

0.11

0.43

0.42

46.51

11.92

12.34

8.93

9.29

-7.59

14.53

28.69

BBB

11.07.2013

Baa2

05.11.2012

PERNOD RICARD SA

EUR

32926

215

265

44.30

11594

11851

12580

3103

3311

3412

6.06

6.10

6.94

7.79

27.51

26.90

24.17

21.53

5.93

6.80

9.38

38.92

BBB-

03.10.2011

Baa3

08.09.2011

INTESA SANPAOLO

EUR

33502

186995

16434

383

37614

22543

22368

22902

0.12

0.06

0.12

0.19

43.63

31.30

23.40

14.40

13.66

-0.91

BBB

12.07.2013

Baa2

16.07.2012

ORANGE

EUR

33143

5126

2627

76.45

58836

57159

55883

54658

16731

16210

1.00

0.08

1.36

1.33

208.54

23.39

12.43

12.70

-5.26

-6.21

-23.81

-11.43

38.34

BBB+

22.04.2013

23.06.2005

VOLVO AB-B SHS

SEK

31721

4058

2028

49.30

47362

42426

43084

46640

5353

3575

1043

0.30

0.62

1.16

7.80

3.76

2.01

-0.34

0.07

-3.03

0.04

1.31

BBB

15.04.2011

REPSOL SA

EUR

32218

1985

1256

52.52

79670

80799

78270

82637

9488

9258

2108

2.22

2.14

2.27

2.21

15.62

14.72

15.12

21.31

-0.04

28.37

-6.65

15.49

BBB-

19.04.2012

STATOIL ASA

NOK

72358

1325

3180

85.87

117405

105552

105964

108771

44154

36726

9398

1.99

2.46

2.61

1.90

1.54

1.45

1.55

0.15

0.22

1.43

5.79

AA-

03.08.2007

Aa2

23.06.2005

HEINEKEN NV

EUR

40576

240

576

59.01

24855

25634

26744

27664

4693

5165

6.68

6.60

3.94

4.48

14.44

14.47

24.18

21.28

9.95

10.66

3.52

15.73

27.24

BBB+

02.10.2012

Baa1

07.03.2012

SWATCH GROUP AG/THE-BR

CHF

33513

32.44

8568

8926

9641

10595

2467

2499

1614

32.55

33.48

35.46

39.91

20.94

20.96

19.77

17.57

16.77

8.94

23.97

10.26

30.77

ATLAS COPCO AB-A SHS

SEK

34612

998

1213

36.53

14121

13556

13388

14061

3414

3269

789

1.67

1.64

1.76

2.71

2.77

2.57

1.79

0.58

1.42

1.47

3.76

24.02.2011

15.11.2012

HENKEL AG & CO KGAA VORZUG

EUR

41180

246

434

41.54

22323

22465

22761

23858

3761

3798

1018

4.93

4.81

5.45

5.98

28.85

27.11

25.49

23.22

7.84

4.48

18.70

12.97

22.86

18.05.2011

01.06.2011

TELIASONERA AB

SEK

33000

4888

4330

44.29

16362

16023

15824

15939

5459

5289

1382

0.71

0.65

0.68

1.66

1.84

1.76

0.01

0.02

-0.81

0.38

5.15

A-

28.10.2005

30.10.2007

TELENOR ASA

NOK

34668

1509

1544

41.78

16923

16921

17213

17832

6633

6207

1570

1.48

1.69

1.91

2.58

2.25

2.00

0.54

0.28

2.67

1.10

6.10

A-

12.04.2010

27.01.2009

AP MOELLER-MAERSK A/S-B

DKK

39567

57.24

62070

60291

59308

62062

13228

12899

3410

899.69

778.77

790.31

1001.11

2.16

2.13

1.68

1.10

0.40

-1.30

0.43

3.88

BBB+

25.09.2013

Baa1

25.09.2013

ROYAL BANK OF SCOTLAND GROUP

GBp

64950

5846

11171

509

174

45417

44548

33084

32505

0.17

-0.45

0.28

0.47

33.88

33.33

19.68

-20.66

-25.76

A-

29.11.2011

Baa1 *-

05.07.2013

TENARIS SA

EUR

27199

957

1181

36.74

14648

14768

15005

16014

3954

3946

940

1.95

1.87

1.96

2.18

22.54

22.49

21.53

19.29

11.68

-0.01

26.23

-4.56

36.13

ATLAS COPCO AB-B SHS

SEK

34612

490

1213

36.53

14121

13556

13388

14061

3414

3269

789

1.67

1.64

1.76

2.44

2.49

2.31

1.79

0.58

1.42

1.47

3.76

24.02.2011

15.11.2012

CHRISTIAN DIOR

EUR

35112

179

67.08

40402

41752

44877

9763

11.27

10.81

12.70

14.69

24.17

23.09

20.58

17.79

2.68

32.67

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.38

2.21

2.03

2.38

1.52

1.45

1.39

1.52

10.59

9.57

8.75

10.59

9.47

8.73

8.18

9.47

15.38

13.86

12.53

15.38

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.25

1.18

1.32

0.85

0.82

0.80

0.85

6.58

6.05

5.47

6.59

7.60

7.20

6.82

7.60

13.07

11.69

10.51

13.07

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.46

1.37

1.56

0.75

0.72

0.70

0.75

9.20

8.49

7.30

9.20

9.07

8.30

7.80

9.07

18.36

16.37

14.74

18.36

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.69

1.39

1.81

1.05

1.02

0.99

1.05

8.83

7.96

7.27

8.83

7.67

7.03

6.62

7.67

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.85

10.58

13.16

13.32

12.34

11.52

13.32

15.60

14.12

12.83

15.60

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.64

1.52

1.76

1.69

1.55

1.51

1.69

8.92

8.05

6.79

8.92

8.95

7.95

7.36

8.95

15.56

13.71

12.44

15.56

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.86

1.77

1.96

1.85

1.73

1.66

1.85

11.18

10.24

9.58

11.18

9.43

8.59

8.03

9.43

15.44

14.00

13.00

15.44

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.28

1.19

1.38

1.79

1.66

1.54

1.79

8.16

7.71

7.19

8.16

9.08

8.31

7.66

9.08

11.12

10.33

9.38

11.12

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.36

1.24

1.49

1.03

0.96

0.90

1.03

7.47

6.80

6.26

7.47

7.74

7.03

6.52

7.74

11.44

10.24

9.41

11.44

2.75

3.01

3.29

2.75

1124.6

11.3%

NESTLE SA-REG

3.32

3.16

2.93

2.76

2.21

2.15

2.05

1.93

1.82

15.19

14.90

13.67

12.53

13.04

12.68

11.89

11.15

10.23

18.54

18.24

16.89

15.53

14.40

3.28

3.41

3.62

3.85

3.84

69.14

9.5%

HSBC HOLDINGS PLC

1.17

1.12

1.08

1.03

0.94

2.95

3.04

2.92

2.77

2.84

11.80

10.44

9.39

8.61

12.22

11.24

10.37

9.30

9.70

3.99

4.77

5.29

5.91

5.65

775.80

16.0%

ROCHE HOLDING AG-GENUSSCHEIN

12.86

10.00

7.94

6.55

5.19

4.64

4.44

4.28

4.14

4.03

15.71

13.52

12.53

11.63

11.74

12.61

11.24

10.66

10.15

9.63

17.87

16.24

15.13

14.15

13.36

3.00

3.28

3.56

3.84

4.16

272.11

11.4%

NOVARTIS AG-REG

2.65

2.58

2.46

2.35

2.08

3.69

3.63

3.53

3.41

3.31

12.92

12.83

12.13

10.93

10.69

13.01

13.24

12.61

11.86

11.44

14.71

14.99

13.83

12.70

12.12

3.17

3.28

3.42

3.65

3.91

74.21

6.5%

VODAFONE GROUP PLC

1.40

1.30

1.21

1.09

2.36

2.35

2.33

2.30

2.24

7.70

7.49

6.54

5.98

10.19

10.25

10.03

9.85

9.58

13.96

14.14

13.87

13.36

4.81

4.71

4.85

5.18

4.90

222.35

2.7%

BP PLC

1.13

1.06

1.00

0.94

1.04

0.37

0.38

0.43

5.08

4.55

4.23

4.10

4.17

4.02

3.78

3.63

3.49

3.77

7.73

9.06

7.84

7.61

7.28

4.82

5.19

5.51

5.65

5.82

490.56

12.7%

ROYAL DUTCH SHELL PLC-A SHS

1.11

1.07

1.01

0.96

0.87

0.45

0.47

0.44

4.68

4.72

4.37

4.22

4.39

3.95

3.86

3.70

3.59

3.82

7.82

8.44

8.03

7.94

7.54

5.24

5.48

5.61

5.74

6.07

2399.76

18.0%

GLAXOSMITHKLINE PLC

10.80

12.47

11.65

10.68

8.98

2.88

2.83

2.73

2.63

2.55

13.06

10.89

9.89

9.11

7.80

9.50

9.76

9.14

8.72

8.19

14.01

13.53

12.34

11.29

10.45

4.75

5.00

5.29

5.59

5.97

1769.16

13.3%

TOTAL SA

1.32

1.26

1.16

1.07

1.03

0.57

0.56

0.54

0.58

4.44

4.53

4.06

3.82

3.77

3.68

3.88

3.68

3.49

3.25

7.86

8.48

8.28

8.06

7.46

5.45

5.54

5.68

5.82

6.13

46.34

8.0%

SANOFI

1.71

1.66

1.60

1.46

2.85

2.93

2.78

2.64

2.61

10.64

11.66

10.52

9.13

8.36

8.18

9.51

8.54

7.82

7.32

12.10

13.89

12.30

11.01

10.17

3.72

3.74

4.09

4.56

5.22

86.78

15.9%

BRITISH AMERICAN TOBACCO PLC

7.70

8.37

8.27

7.72

7.92

4.04

4.02

3.92

3.76

3.55

13.98

13.49

12.90

11.67

10.19

12.01

11.56

11.03

10.33

9.58

15.85

14.83

13.78

12.59

11.23

4.11

4.44

4.78

5.24

5.80

3749.86

14.8%

BAYER AG-REG

3.62

3.51

3.12

2.75

2.48

1.82

1.77

1.68

1.59

1.52

12.94

11.77

10.55

9.68

8.96

9.79

9.51

8.64

7.96

7.39

16.12

15.20

13.47

12.10

10.98

2.07

2.37

2.66

2.94

3.23

92.40

5.8%

SIEMENS AG-REG

2.39

2.52

2.30

2.10

1.64

1.01

1.02

0.99

0.96

0.92

10.64

12.82

10.09

8.66

7.55

9.25

10.63

8.45

7.75

7.10

14.50

16.26

12.74

11.44

9.91

3.45

3.49

3.69

3.92

3.99

90.34

1.6%

BANCO SANTANDER SA

0.78

0.88

0.85

1.50

1.61

1.54

1.46

1.45

2.28

2.87

2.80

2.69

10.70

13.92

11.08

9.22

9.74

9.86

9.94

8.74

8.84

5.11

5.59

-6.4%

BASF SE

2.49

2.42

2.29

2.08

1.81

0.83

0.87

0.91

0.87

0.84

8.05

8.55

7.89

7.68

6.33

6.32

7.71

7.19

6.69

6.11

12.99

13.17

12.00

10.91

9.64

3.66

3.81

4.00

4.23

4.50

74.75

6.0%

ROYAL DUTCH SHELL PLC-B SHS

1.16

1.13

1.06

1.01

0.91

0.45

0.47

0.44

4.91

4.96

4.59

4.43

4.61

3.95

3.86

3.70

3.59

3.82

8.21

8.86

8.43

8.33

7.92

4.99

5.23

5.37

5.48

5.64

2361.87

10.6%

ANHEUSER-BUSCH INBEV NV

3.74

3.35

3.08

2.78

2.46

4.04

3.66

3.28

3.09

2.98

14.26

11.83

12.06

11.10

10.24

13.46

12.24

10.79

10.05

9.39

21.37

20.96

18.32

16.41

14.69

1.91

2.42

2.81

3.18

3.66

77.11

4.4%

DIAGEO PLC

6.85

5.54

4.57

3.74

3.09

4.32

4.01

3.70

3.43

3.18

21.48

16.29

14.35

12.56

11.05

14.92

13.91

12.71

11.67

10.80

19.13

17.38

15.69

14.07

12.10

2.41

2.63

2.88

3.14

3.90

2244.58

14.5%

DAIMLER AG-REGISTERED SHARES

1.43

1.33

1.24

1.15

1.04

0.54

0.52

0.49

0.46

0.50

6.96

6.82

5.74

5.07

3.61

10.25

9.39

9.11

8.10

6.37

12.40

11.92

10.34

8.87

8.15

3.73

3.82

3.91

4.36

57.55

0.4%

UBS AG-REG

1.46

1.44

1.36

1.31

2.83

2.44

2.40

2.29

2.38

119.42

17.38

11.68

8.65

18.20

18.64

14.30

11.39

9.54

0.71

1.33

3.23

6.34

6.96

19.72

6.6%

ALLIANZ SE-REG

1.02

1.01

0.95

0.89

1.08

0.51

0.52

0.50

0.49

0.48

10.29

8.86

8.61

8.27

8.20

3.96

4.45

4.64

4.84

5.13

132.75

14.5%

BARCLAYS PLC

0.65

0.73

0.70

0.67

0.63

1.25

1.26

1.22

1.18

1.13

2.98

9.87

8.18

7.30

8.14

9.87

8.18

6.85

6.12

2.24

2.39

4.29

5.69

6.52

304.36

15.5%

SAP AG

4.60

3.92

3.36

2.86

2.37

4.11

3.88

3.57

3.26

3.02

16.92

14.52

12.67

11.38

9.41

12.43

11.10

9.91

8.97

8.17

17.67

16.06

14.35

12.66

11.28

1.54

1.70

1.97

2.21

2.20

64.84

18.8%

NOVO NORDISK A/S-B

13.05

11.33

9.95

8.86

9.32

6.58

6.04

5.56

5.12

4.73

22.38

18.47

16.76

14.53

12.78

15.78

14.25

13.02

11.75

10.87

24.48

19.66

17.78

15.62

13.71

1.85

2.33

2.59

2.95

3.28

1082.24

16.1%

BNP PARIBAS

0.81

0.77

0.73

0.69

1.59

1.56

1.51

1.49

6.26

6.07

5.53

4.81

9.17

10.66

9.39

8.15

7.70

3.01

3.53

4.11

4.88

5.31

54.30

8.7%

BG GROUP PLC

1.94

1.83

1.66

1.50

2.88

3.24

2.95

2.39

2.17

8.00

8.33

7.52

6.06

5.98

6.84

7.21

6.31

5.07

5.11

14.01

15.62

13.63

10.57

8.47

1.35

1.42

1.55

1.71

2.28

1381.19

17.0%

ASTRAZENECA PLC

2.79

2.73

2.66

2.59

2.61

2.31

2.49

2.58

2.65

2.75

8.33

8.63

9.05

8.98

9.08

6.07

7.37

7.51

7.68

7.83

BANCO BILBAO VIZCAYA ARGENTA

1.08

1.03

0.98

0.92

2.06

2.13

2.03

1.93

1.92

3.55

3.99

3.83

3.59

TELEFONICA SA

2.29

2.26

2.19

2.09

0.84

0.90

0.91

0.92

3.59

4.09

3.90

3.86

8.51

5.27

5.69

5.73

5.69

BHP BILLITON PLC

2.13

1.98

1.80

1.66

1.54

2.52

2.50

2.38

2.25

2.15

8.10

7.33

6.77

6.62

5.44

7.01

6.57

6.10

5.85

UNILEVER NV-CVA

5.21

4.86

4.33

3.85

3.26

1.71

1.70

1.64

1.55

1.48

14.50

13.44

12.82

11.64

10.27

12.07

11.61

11.01

RIO TINTO PLC

1.71

1.69

1.49

1.32

1.28

1.83

1.80

1.70

1.60

1.51

7.78

6.62

5.97

5.37

5.24

6.97

6.63

5.93

LLOYDS BANKING GROUP PLC

1.14

1.16

1.10

1.05

2.85

2.80

3.06

18.33

11.28

9.16

7.79

ENI SPA

1.02

0.99

0.95

0.91

0.86

0.51

0.52

0.51

0.49

0.55

3.67

4.08

3.41

3.21

3.46

2.74

ABB LTD-REG

3.24

2.95

2.66

2.40

1.38

1.32

1.27

1.20

1.14

14.38

12.72

10.91

10.05

10.54

GLENCORE XSTRATA PLC

1.20

1.21

1.13

1.06

0.35

0.29

0.28

0.27

0.24

10.33

8.04

6.84

5.32

CIE FINANCIERE RICHEMON-REG

3.93

3.42

2.97

2.58

2.16

4.19

3.84

6.39

3.21

3.02

18.75

16.13

14.32

12.75

LVMH MOET HENNESSY LOUIS VUI

2.91

2.68

2.42

2.19

1.73

2.63

2.44

2.21

2.05

1.90

15.28

14.46

13.30

12.11

SABMILLER PLC

2.99

2.83

2.61

2.42

2.09

3.45

3.42

3.19

2.86

17.07

16.65

15.04

UNILEVER PLC

5.27

4.91

4.37

3.89

3.29

1.69

1.62

1.54

1.47

14.65

13.58

STANDARD CHARTERED PLC

1.34

1.24

1.15

1.08

3.04

2.91

2.71

2.51

2.33

10.74

9.07

PRUDENTIAL PLC

2.97

2.58

2.27

1.95

0.59

0.51

0.50

0.58

TESCO PLC

1.55

1.60

1.48

1.37

0.44

0.43

0.42

0.40

0.38

7.59

6.87

6.71

6.36

RECKITT BENCKISER GROUP PLC

5.19

4.96

4.34

3.98

3.38

3.17

3.06

2.90

2.77

16.63

15.92

14.73

14.00

DEUTSCHE BANK AG-REGISTERED

0.56

0.59

0.57

0.53

1.02

1.03

1.01

0.99

0.93

5.95

7.56

5.99

4.45

CREDIT SUISSE GROUP AG-REG

1.04

1.00

0.93

0.89

0.81

1.78

1.62

1.57

1.51

1.47

17.67

10.40

8.80

7.80

DEUTSCHE TELEKOM AG-REG

1.62

1.67

1.59

1.53

1.67

0.82

0.80

0.79

0.80

3.45

3.39

3.34

3.36

3.33

5.40

5.66

5.52

5.40

5.27

SCHNEIDER ELECTRIC SA

2.02

1.93

1.80

1.69

1.46

1.43

1.33

1.26

1.19

12.69

11.99

11.00

10.10

10.16

10.64

10.02

9.06

8.32

NATIONAL GRID PLC

2.64

2.50

2.38

2.26

1.90

1.83

1.78

1.69

1.62

8.10

7.63

7.42

7.48

6.37

9.85

9.31

8.89

8.48

BT GROUP PLC

15.59

35.00

12.89

9.00

1.50

1.48

6.26

6.86

6.45

6.79

9.58

5.86

5.94

5.78

5.65

1.74

4.06

8.35

9.91

10.74

10.95

11.35

5.66

5.43

5.47

5.45

5.51

3222.83

0.5%

23.10

13.64

11.61

9.43

9.35

5.12

5.10

4.76

5.18

5.24

7.74

-5.6%

5.77

9.46

11.15

10.58

9.99

10.07

1.11

6.33

6.77

6.60

7.31

11.50

0.1%

5.70

11.86

11.32

10.29

9.93

9.50

4.00

4.21

4.52

4.79

4.92

2121.60

17.1%

10.22

9.41

18.20

17.98

16.63

15.21

13.83

3.30

3.60

3.83

4.10

4.61

32.81

14.0%

5.44

5.17

9.73

9.76

8.65

7.71

7.54

3.24

3.73

3.99

4.34

4.37

3717.65

24.4%

30.54

13.83

11.28

9.77

9.52

0.00

0.82

3.00

4.64

6.28

78.16

6.6%

19.23

14.0%

3.25

2.88

2.72

2.76

8.40

11.64

9.49

8.80

8.83

6.40

6.50

6.62

6.73

6.99

10.86

9.50

8.62

7.92

8.13

17.99

16.20

14.25

12.90

12.78

3.02

3.26

3.44

3.64

4.00

22.56

6.1%

22.14

10.35

8.33

7.35

5.92

11.71

18.82

13.25

10.48

8.24

2.73

2.84

3.06

3.38

4.61

368.29

9.7%

14.05

12.70

11.34

10.32

9.90

20.80

18.47

16.46

14.84

14.09

0.85

1.29

1.51

1.72

2.02

98.12

8.5%

14.76

11.36

10.73

9.57

8.72

8.24

20.08

19.81

17.41

15.56

13.49

2.07

2.19

2.46

2.74

3.02

154.60

6.8%

13.34

11.70

16.36

15.10

13.82

12.80

10.68

21.18

20.14

18.01

16.22

14.64

2.02

2.15

2.43

2.68

2.89

3465.07

10.3%

12.96

11.76

10.38

11.98

11.52

10.92

10.14

9.34

18.40

18.17

16.80

15.37

13.98

3.35

3.57

3.86

4.20

4.49

2835.28

16.3%

8.71

8.04

10.95

10.63

9.69

8.87

8.43

3.42

3.72

4.06

4.45

1704.88

14.9%

16.43

13.38

12.00

10.85

9.44

2.33

2.76

2.96

3.20

3.49

1311.55

15.0% 11.0%

174.44

13.41

7.62

7.19

6.89

6.62

6.32

12.08

11.18

10.59

10.01

8.52

4.07

4.18

4.40

4.65

5.17

400.90

13.20

12.60

12.25

11.52

10.90

18.15

16.84

16.34

15.39

14.27

2.87

3.09

3.26

3.49

3.67

4697.39

4.5%

9.42

9.26

7.49

6.10

5.77

2.23

2.39

3.03

4.42

3.33

40.41

19.8%

11.45

10.78

9.20

8.35

8.37

2.52

2.89

4.01

4.84

5.67

29.93

8.6%

16.60

16.81

15.40

14.46

11.91

6.56

4.95

4.77

4.93

5.45

10.11

-5.2%

7.89

16.24

15.24

13.63

12.39

11.80

2.82

3.08

3.38

3.70

3.63

64.21

3.1%

7.87

13.51

14.00

13.28

12.75

12.93

5.59

5.77

5.94

6.13

6.34

800.64

9.4%

5.55

13.56

13.40

11.99

11.06

10.27

2.77

3.21

3.65

4.20

4.93

341.62

-0.4%

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.38

2.21

2.03

2.38

1.52

1.45

1.39

1.52

10.59

9.57

8.75

10.59

9.47

8.73

8.18

9.47

15.38

13.86

12.53

15.38

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.25

1.18

1.32

0.85

0.82

0.80

0.85

6.58

6.05

5.47

6.59

7.60

7.20

6.82

7.60

13.07

11.69

10.51

13.07

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.46

1.37

1.56

0.75

0.72

0.70

0.75

9.20

8.49

7.30

9.20

9.07

8.30

7.80

9.07

18.36

16.37

14.74

18.36

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.69

1.39

1.81

1.05

1.02

0.99

1.05

8.83

7.96

7.27

8.83

7.67

7.03

6.62

7.67

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.85

10.58

13.16

13.32

12.34

11.52

13.32

15.60

14.12

12.83

15.60

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.64

1.52

1.76

1.69

1.55

1.51

1.69

8.92

8.05

6.79

8.92

8.95

7.95

7.36

8.95

15.56

13.71

12.44

15.56

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.86

1.77

1.96

1.85

1.73

1.66

1.85

11.18

10.24

9.58

11.18

9.43

8.59

8.03

9.43

15.44

14.00

13.00

15.44

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.28

1.19

1.38

1.79

1.66

1.54

1.79

8.16

7.71

7.19

8.16

9.08

8.31

7.66

9.08

11.12

10.33

9.38

11.12

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.36

1.24

1.49

1.03

0.96

0.90

1.03

7.47

6.80

6.26

7.47

7.74

7.03

6.52

7.74

11.44

10.24

9.41

11.44

2.75

3.01

3.29

2.75

1124.6

11.3%

ING GROEP NV-CVA

0.63

0.60

0.57

0.56

0.45

0.75

2.10

2.07

2.02

1.88

9.13

6.75

5.85

10.73

8.26

7.41

6.94

6.54

0.00

0.98

3.20

9.40

13.2%

AIR LIQUIDE SA

2.98

2.82

2.63

2.43

2.09

2.03

1.89

1.76

1.67

11.09

10.70

9.96

9.13

10.34

9.84

9.03

8.30

7.77

20.01

19.23

17.32

15.63

14.13

2.45

2.57

2.79

3.02

3.28

104.24

1.7%

HENNES & MAURITZ AB-B SHS

10.25

10.10

9.25

8.36

7.65

3.81

3.61

3.24

2.92

2.64

22.69

21.55

18.43

16.84

17.05

17.63

17.01

14.91

13.34

12.71

27.51

26.57

23.06

20.78

19.67

3.43

3.44

3.69

4.03

3.83

280.04

0.3%

DANONE

2.66

2.63

2.46

2.30

2.09

1.69

1.59

1.51

1.42

1.32

13.09

12.78

11.75

10.63

9.65

11.99

11.64

10.93

10.22

9.24

18.38

18.12

16.78

15.19

13.80

2.63

2.68

2.88

3.14

3.64

60.06

8.3%

L'OREAL

4.01

3.46

3.20

2.96

2.59

3.44

3.30

3.12

2.93

2.79

21.09

19.76

18.19

16.70

15.56

17.17

16.12

14.98

13.86

13.11

26.51

24.73

22.95

21.10

19.52

1.74

1.97

2.16

2.37

2.58

129.61

2.2%

ERICSSON LM-B SHS

1.92

1.98

1.88

1.77

1.24

1.23

1.17

1.13

1.14

17.51

14.45

11.73

12.15

9.78

9.03

7.50

6.77

6.70

19.87

19.58

15.01

13.17

3.03

3.39

3.66

3.95

AXA SA

0.85

0.81

0.77

0.72

0.66

0.40

0.39

0.38

10.99

11.20

9.34

8.39

7.87

7.35

7.07

4.28

4.75

5.03

5.37

ZURICH INSURANCE GROUP AG

1.13

1.08

1.04

0.99

0.62

0.65

0.64

0.55

SYNGENTA AG-REG

4.46

3.80

3.43

3.07

2.65

2.51

2.35

2.22

2.11

15.27

15.20

13.42

12.29

LINDE AG

1.95

1.97

1.84

1.71

1.57

1.77

1.58

1.48

1.38

1.31

9.69

8.46

7.97

7.37

IMPERIAL TOBACCO GROUP PLC

2.87

3.59

3.41

3.25

3.56

2.78

2.81

2.75

2.65

2.55

10.15

10.33

9.92

9.06

SOCIETE GENERALE

0.65

0.61

0.58

0.55

1.27

1.26

1.19

1.15

1.22

5.58

5.13

4.32

3.95

EADS NV

3.88

3.74

3.02

2.44

0.67

0.63

0.59

0.55

0.54

12.67

11.89

8.91

6.27

NORDEA BANK AB

1.28

1.23

1.16

1.10

3.55

3.56

3.41

3.29

11.18

11.56

10.79

9.22

BAYERISCHE MOTOREN WERKE AG

1.66

1.54

1.40

1.27

1.15

0.66

0.65

0.61

0.59

0.56

6.12

5.13

4.95

4.58

3.66

8.24

8.49

8.20

7.74

VOLKSWAGEN AG-PREF

1.04

0.98

0.87

0.77

0.72

0.41

0.39

0.37

0.36

0.34

3.62

3.78

3.41

3.34

2.96

7.94

7.31

6.54

6.08

ROLLS-ROYCE HOLDINGS PLC

3.65

3.01

2.66

2.37

2.10

1.69

1.35

1.27

1.18

1.13

17.98

15.94

13.37

11.19

11.33

9.01

8.36

ASML HOLDING NV

7.08

5.23

4.58

3.71

2.45

6.88

6.32

4.96

4.41

3.71

24.81

32.59

18.50

14.29

9.35

22.56

25.61

16.82

GDF SUEZ

0.66

0.73

0.70

0.48

0.55

0.54

0.53

0.54

3.71

4.28

4.30

4.17

3.77

5.72

7.21

7.30

INDITEX

8.27

7.40

6.50

5.71

5.02

4.41

4.08

3.69

3.34

2.82

21.82

20.41

18.19

16.43

16.82

16.06

E.ON SE

0.66

0.69

0.67

0.65

0.63

0.23

0.22

0.21

3.21

3.70

4.00

3.96

4.38

ANGLO AMERICAN PLC

0.75

0.82

0.80

0.76

1.19

1.08

1.05

0.98

0.84

5.75

4.98

4.63

4.05

6.01

MUENCHENER RUECKVER AG-REG

0.96

0.95

0.91

0.86

0.47

0.46

0.43

VIVENDI

1.08

1.22

1.19

1.18

0.80

0.92

0.95

0.76

3.72

4.69

4.94

4.89

CENTRICA PLC

3.17

3.14

2.96

2.73

0.82

0.74

0.67

0.64

0.61

10.27

7.97

7.07

6.16

KONINKLIJKE PHILIPS NV

1.89

1.91

1.80

1.66

0.90

0.93

0.88

0.84

0.81

11.53

10.34

8.58

7.37

SWISS RE AG

0.88

0.92

0.89

0.85

0.93

0.90

0.85

0.80

0.77

8.70

11.16

9.28

UNICREDIT SPA

0.44

0.43

0.41

1.07

1.11

1.09

1.05

1.06

2.67

4.46

3.76

3.31

DEUTSCHE POST AG-REG

2.65

2.81

2.56

2.34

0.53

0.52

0.50

0.48

0.45

15.56

9.94

9.27

8.43

7.10

8.33

7.74

7.18

6.59

IBERDROLA SA

0.74

0.76

0.75

0.85

0.78

0.75

0.82

4.54

4.31

4.80

4.87

5.43

6.87

7.13

7.19

7.00

VINCI SA

1.75

1.68

1.58

1.47

0.67

0.65

0.64

0.63

0.61

6.23

6.31

6.03

5.70

7.38

7.30

7.01

6.73

ASSICURAZIONI GENERALI

1.14

1.09

1.02

0.95

0.84

0.28

0.30

0.29

0.35

ENEL SPA

0.65

0.69

0.66

0.63

0.59

0.32

0.33

2.94

2.83

2.69

2.88

2.91

6.21

6.44

6.62

6.50

6.40

7.68

8.81

9.13

PERNOD RICARD SA

2.08

1.99

1.84

1.70

1.52

2.82

2.78

2.62

2.48

2.33

16.25

15.32

13.84

12.12

11.41

13.40

12.99

12.03

11.25

10.12

19.16

17.88

15.92

INTESA SANPAOLO

0.51

0.50

0.49

0.48

1.43

1.50

1.46

1.42

1.43

3.17

4.83

4.01

3.63

15.54

17.31

10.65

ORANGE

0.89

0.97

0.94

0.90

0.56

0.59

0.61

2.43

2.77

2.71

2.78

4.14

4.47

4.63

4.73

4.75

7.18

9.19

VOLVO AB-B SHS

2.21

2.51

2.26

1.97

0.67

0.74

0.68

0.64

0.68

11.25

8.76

7.02

5.79

9.68

11.79

8.62

7.39

7.81

15.48

24.13

REPSOL SA

0.87

0.81

0.78

0.77

0.95

0.39

0.41

0.39

0.40

0.42

4.69

4.78

4.91

4.60

4.19

5.52

5.35

5.31

5.06

4.85

11.65

10.88

11.18

10.67

STATOIL ASA

1.36

1.24

1.15

1.06

0.99

0.60

0.68

0.67

0.66

0.68

3.57

3.98

3.54

3.37

3.16

1.98

2.30

2.13

2.10

2.31

8.26

9.24

8.69

HEINEKEN NV

2.80

2.45

2.23

1.96

1.64

1.52

1.47

1.40

1.33

10.43

9.74

8.80

7.83

7.45

11.24

10.07

9.46

8.83

8.40

18.38

17.89

SWATCH GROUP AG/THE-BR

3.44

3.10

2.71

2.40

3.93

3.47

3.15

2.90

2.70

21.86

18.28

15.53

13.63

17.96

13.75

11.84

10.48

9.43

9.04

21.11

ATLAS COPCO AB-A SHS

6.43

5.58

4.87

4.24

2.46

2.59

2.46

2.34

1.95

15.35

14.86

14.24

13.27

10.71

11.47

10.83

10.09

8.32

HENKEL AG & CO KGAA VORZUG

3.38

3.14

2.80

2.49

2.17

1.84

1.81

1.73

1.64

1.58

16.35

15.22

13.93

12.93

12.11

11.38

10.64

9.92

9.24

TELIASONERA AB

1.80

1.85

1.76

1.69

1.68

2.02

2.09

2.07

2.06

2.04

6.29

7.93

7.47

7.49

8.32

7.94

8.16

7.90

TELENOR ASA

2.76

2.74

2.56

2.39

2.28

2.06

2.01

1.94

1.89

1.84

10.31

7.75

7.40

7.07

6.91

7.75

7.06

AP MOELLER-MAERSK A/S-B

1.05

1.00

0.92

0.84

0.76

0.64

0.67

0.64

0.61

0.55

4.95

4.77

4.26

3.77

3.68

4.20

4.47

ROYAL BANK OF SCOTLAND GROUP

0.60

0.63

0.61

0.58

1.71

1.96

2.00

2.01

9.95

15.53

13.29

9.02

8.14

TENARIS SA

2.29

2.15

1.95

1.77

2.51

2.45

2.30

2.17

10.02

11.96

11.21

10.05

9.46

9.41

8.62

8.02

ATLAS COPCO AB-B SHS

5.79

5.02

4.38

3.81

2.46

2.59

2.46

2.34

1.95

13.81

13.37

12.81

11.94

10.71

11.47

10.83

10.09

8.32

CHRISTIAN DIOR

3.10

2.28

2.06

1.66

1.08

0.84

0.78

0.71

0.63

7.75

6.08

5.61

5.18

8.33

6.66

6.03

5.38

4.79

2.00

0.89

2.44

0.87

1.78

1.28

2.36

89.28

4.4%

6.02

19.38

13.8%

11.53

9.47

8.84

8.53

8.43

7.20

7.01

7.11

7.17

7.11

263.19

13.2%

12.81

12.33

11.16

10.32

9.87

18.32

17.40

15.44

14.09

13.24

2.31

2.68

2.97

3.20

3.43

410.48

12.0%

6.57

10.52

9.11

8.43

7.80

7.27

18.66

17.48

15.52

13.77

12.30

1.83

2.01

2.25

2.48

2.80

162.33

11.6%

8.30

9.81

9.82

9.50

9.13

8.74

11.42

10.87

10.23

9.53

8.92

4.59

5.08

5.58

6.13

6.85

2488.16

9.3%

13.19

10.78

8.46

7.20

7.96

1.38

2.53

4.16

5.37

38.20

4.5%

24.21

17.39

12.84

10.75

10.35

1.32

2.05

2.78

3.38

11.87

11.15

9.93

9.20

3.34

4.69

5.52

6.18

6.85

10.17

10.01

9.70

9.27

8.72

3.31

3.43

3.71

3.98

4.32

81.79

3.5%

5.47

8.04

8.17

7.06

6.35

5.64

2.24

2.45

3.16

3.80

5.05

205.35

19.0%

7.69

6.29

19.27

16.48

15.30

13.86

11.43

1.78

1.97

2.18

2.39

2.80

1224.38

10.7%

13.04

9.82

29.34

33.41

21.10

16.28

11.74

0.63

0.76

0.88

1.10

1.12

70.80

-2.9%

7.18

7.04

11.90

13.43

13.56

12.94

12.33

8.09

7.47

7.01

18.10

-2.4%

14.29

12.78

11.41

29.48

27.19

24.20

21.60

18.91

2.01

2.14

2.43

2.76

3.14

114.12

1.1%

5.06

5.19

5.25

5.39

5.86

10.60

11.07

11.04

11.82

8.33

5.21

4.91

4.92

4.45

12.63

-3.7%

5.59

5.21

4.57

4.25

12.58

13.41

11.40

9.32

9.81

3.13

3.52

3.61

3.85

4.02

1591.65

6.4%

8.16

8.64

8.60

8.26

8.68

4.73

4.97

5.13

5.30

5.61

154.48

7.2% 7.5%

5.45

4.22

5.78

8.05

6.40

5.42

4.85

4.83

50.73

8.6%

86.28

11.8%

5.44

6.75

6.94

7.32

5.29

8.46

11.92

11.55

11.38

7.80

5.90

5.44

5.34

5.23

6.41

18.26

6.51

5.71

5.39

5.17

4.91

13.69

13.20

12.49

11.66

10.91

4.44

4.68

4.92

5.17

5.44

400.43

8.3%

8.83

7.48

6.67

6.03

5.85

19.80

15.41

12.95

11.25

9.74

3.21

3.31

3.55

3.81

3.99

27.29

15.4%

5.68

78.74

5.4%

4.42

-5.5%

8.61

8.10

8.35

9.73

9.02

8.52

4.60

6.01

5.65

5.67

32.71

23.04

12.55

8.25

9.36

1.24

1.84

2.76

3.72

6.11

19.00

16.23

15.10

13.50

12.08

3.01

3.13

3.37

3.69

4.02

23.83

-2.7%

6.78

9.41

10.57

11.36

11.06

10.05

7.27

6.89

6.76

6.43

6.22

4.17

-2.8%

6.51

12.35

12.42

11.77

10.78

10.35

4.19

4.15

4.33

4.60

4.81

45.95

7.7%

17.19

10.44

9.91

8.88

8.99

1.96

2.88

3.53

4.28

2.90

14.48

-0.9%

8.47

8.32

5.32

4.68

4.54

4.82

5.04

2.84

0.6%

14.39

12.80

1.82

1.97

2.20

2.41

3.01

99.67

8.6%

8.14

7.25

3.35

3.28

4.14

5.25

5.91

1.50

-1.5%

9.39

9.38

8.54

8.68

8.17

7.48

7.68

7.92

12.87

9.81

3.04

3.62

4.26

10.55

4.84

5.31

5.35

5.49

8.58

8.40

4.90

5.10

5.20

15.74

14.22

12.39

1.69

1.75

17.99

15.99

14.34

13.26

1.17

16.30

17.73

16.49

15.22

8.54

20.47

18.86

17.18

15.66

7.78

7.73

11.86

11.77

11.26

6.56

6.27

5.97

16.68

13.50

4.00

3.66

3.35

12.16

11.72

18.03

2.15

4.07

2.87

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8.80

-5.0%

104.70

9.6%

5.46

19.15

4.7%

5.36

5.58

147.54

8.2%

1.96

2.17

2.32

54.38

4.4%

1.33

1.52

1.71

2.02

622.00

7.1%

3.09

3.12

3.37

3.57

192.32

3.2%

14.33

1.22

1.37

1.52

1.65

1.83

79.39

4.5%

10.83

10.89

6.34

6.61

6.80

8.53

47.24

-3.3%

12.00

10.98

9.76

4.15

5.05

5.70

6.32

7.28

140.81

2.5%

9.25

7.69

6.64

2.08

2.39

2.63

2.94

3.50

54365.82

6.5%

20.74

12.25

9.86

9.88

0.00

0.59

2.26

3.79

330.00

-8.0%

14.32

15.93

14.27

13.20

2.13

2.21

2.37

2.46

15.74

-7.6%

14.66

15.95

14.84

13.69

20.36

15.22

13.16

11.68

1.60

2.27

2.43

2.49

157.80

10.4%

9.46

2.65

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Ratio Analysis

Total Liabilities

Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

NESTLE SA-REG

CHF

3.1

80337

-3934

60685

13388

190038

62987

89931

62664

4.66

1.00

18.6

3.4396

HSBC HOLDINGS PLC

GBp

1.1

2662685

155920

10068

194126

2509409

88382

183129

13.6

4.2829

ROCHE HOLDING AG-GENUSSCHEIN

CHF

11.0

53111

11162

14334

16979

158712

48077

45499

16728

5.56

1.00

16.4

3.9946

NOVARTIS AG-REG

CHF

2.2

62795

3953

68092

11794

152316

54997

56673

69219

5.22

1.00

16.0

3.9889

VODAFONE GROUP PLC

GBp

1.3

90301

-7937

-86668

6065

91282

70210

44445

72488

0.04

0.00

214.0

5.4609

BP PLC

GBp

1.1

264291

28641

102107

7961

132029

180573

375580

119620

2.77

1.00

11.3

4.7829

ROYAL DUTCH SHELL PLC-A SHS

GBp

1.2

355855

17755

187952

37499

221603

170398

467153

189927

3.15

1.00

8.1

4.9905

GLAXOSMITHKLINE PLC

GBp

11.3

26955

-123

2439

9170

65450

34728

26431

6747

3.47

1.00

14.4

5.5431

TOTAL SA

EUR

1.2

158971

18498

66997

21862

88067

97636

182299

74193

2.81

1.00

8.2

5.9985

SANOFI

EUR

1.6

42142

8940

47817

7787

94466

42935

34947

57472

3.19

1.00

19.0

3.8801

BRITISH AMERICAN TOBACCO PLC

GBp

8.5

15617

1044

3049

5668

63240

19548

15190

7779

4.32

1.00

15.8

4.3223

BAYER AG-REG

EUR

3.2

32579

5887

10185

6041

59449

32767

39760

18569

3.69

1.00

24.3

2.6429

SIEMENS AG-REG

EUR

2.2

86618

9492

21917

6909

66721

76980

78296

31302

2.14

1.00

13.5

3.8501

BANCO SANTANDER SA

EUR

0.8

1241566

32081

3838

56334

1185302

77159

84326

26.4

9.8361

BASF SE

EUR

2.7

50533

10757

20247

6381

65350

37105

72129

25621

3.64

1.00

13.6

3.6543

ROYAL DUTCH SHELL PLC-B SHS

GBp

1.2

355855

17755

187952

37499

221603

170398

467153

189927

3.15

1.00

8.1

4.9905

ANHEUSER-BUSCH INBEV NV

EUR

3.4

46484

222

21834

12765

138992

77180

39758

45441

4.00

1.00

19.2

1.9133

DIAGEO PLC

GBp

6.7

16029

3050

4895

3528

47056

16970

11433

8107

3.76

1.00

18.9

2.5213

DAIMLER AG-REGISTERED SHARES

EUR

1.0

154093

8013

28790

8071

44130

117468

114297

45510

1.39

1.00

7.2

5.3243

UBS AG-REG

CHF

1.2

1252770

11614

1612

53475

1208983

37754

50249

1.0512

ALLIANZ SE-REG

EUR

0.9

681531

24738

10190

47492

638403

96020

56218

4.6

4.2939

BARCLAYS PLC

GBp

0.6

1480420

38138

2880

32126

1428349

34016

59986

2.4771

SAP AG

EUR

5.1

10327

-31

12442

4139

72342

12664

16223

14171

7.33

1.00

25.6

1.4006

NOVO NORDISK A/S-B

DKK

12.2

64174

18525

40072

29474

513240

25037

78026

40632

13.85

1.00

23.4

1.964

BNP PARIBAS

EUR

0.7

1894114

51931

8581

52811

1812868

66872

94422

8.3

3.5224

BG GROUP PLC

GBp

1.8

60754

3074

31840

7605

59432

32153

18933

33094

2.51

1.00

16.9

1.5895

ASTRAZENECA PLC

GBp

2.5

27188

4885

19921

8140

58928

29582

27973

23952

4.23

1.00

9.5

5.9252

BANCO BILBAO VIZCAYA ARGENTA

EUR

0.9

628873

17792

1418

37816

593983

35222

43802

28.6

6.0345

TELEFONICA SA

EUR

2.2

79732

-5915

15450

10798

45887

102112

62356

27661

1.79

1.00

11.7

5.2012

BHP BILLITON PLC

GBp

1.9

132883

-586

68409

21127

145840

66074

65968

72035

3.60

1.00

12.5

4.5417

UNILEVER NV-CVA

EUR

5.4

24448

-3668

14535

6989

81655

30450

51324

15716

4.50

1.00

18.3

3.2946

RIO TINTO PLC

GBp

2.2

108171

4006

36676

11461

179239

59552

50967

58021

2.12

1.00

2.9281

LLOYDS BANKING GROUP PLC

GBp

0.8

919744

20085

1864

33744

879868

36408

44684

ENI SPA

EUR

1.1

135154

15272

55194

15026

66442

76928

127220

62713

2.42

1.00

16.4

5.8888

ABB LTD-REG

CHF

2.8

35343

9028

15215

4112

47151

31624

39336

17446

3.71

1.00

17.4

3.3111

GLENCORE XSTRATA PLC

GBp

1.3

102873

6910

4507

3128

40508

71237

214436

34300

1.89

1.00

39.6

2.7603

CIE FINANCIERE RICHEMON-REG

CHF

3.3

14106

7097

9882

2434

33871

4282

10150

10215

7.62

1.00

16.7

1.3114

LVMH MOET HENNESSY LOUIS VUI

EUR

2.8

30614

4791

20563

5921

69399

24264

28103

25666

4.23

1.00

20.2

2.0893

SABMILLER PLC

GBp

3.3

26797

-2964

19624

4416

87852

28834

23213

27460

4.13

1.00

25.6

1.9196

UNILEVER PLC

GBp

5.4

24448

-3668

14535

6989

82459

30450

51324

15716

4.57

1.00

18.4

3.3311

STANDARD CHARTERED PLC

GBp

1.4

629206

38679

7566

61669

590463

26712

46055

12.5

3.2868

PRUDENTIAL PLC

GBp

2.1

308606

8342

3090

22133

299889

55476

10364

10.0

132

3.3726

TESCO PLC

GBp

1.8

45767

-5889

11220

2527

29981

33468

64826

16661

2.32

1.00

21.5

3.9651

RECKITT BENCKISER GROUP PLC

GBp

4.8

3905

-3430

5664

2570

28480

9158

9567

5922

7.20

1.00

15.4

3.4545

DEUTSCHE BANK AG-REGISTERED

EUR

0.6

1998110

27845

2905

30617

1957919

52299

54410

131.8

2.2762

CREDIT SUISSE GROUP AG-REG

CHF

0.8

915648

11809

1573

28800

881996

38313

42284

27.1

3.3693

DEUTSCHE TELEKOM AG-REG

EUR

1.4

66210

-7989

-36649

6720

37125

77399

58169

30543

0.56

0.00

8.1443

SCHNEIDER ELECTRIC SA

EUR

1.8

18733

4570

7535

3030

29983

19340

23946

16816

3.67

1.00

16.2

3.1005

NATIONAL GRID PLC

GBp

2.7

49088

2131

8451

3644

28045

44472

14359

10233

1.19

1.00

12.2

5.3399

BT GROUP PLC

GBp

21568

-2930

-732

3102

21907

25088

18253

-262

1.78

1.00

10.4

3.4173

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Ratio Analysis

Market Cap

Total Liabilities

Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

ING GROEP NV-CVA

EUR

0.5

1165993

2250

4970

26842

1110944

39304

57688

11.4

AIR LIQUIDE SA

EUR

2.9

19145

144

8473

2561

29587

14560

15326

10444

3.16

1.00

18.4

2.6302

HENNES & MAURITZ AB-B SHS

SEK

8.2

58615

23222

43628

21754

357330

16338

120799

43835

19.35

1.00

21.2

4.4002

DANONE

EUR

2.4

13272

-1630

8543

2958

29610

17283

20869

12254

3.63

1.00

18.0

2.9055

L'OREAL

EUR

3.0

20422

1840

19131

3697

62768

8589

22463

20936

8.01

1.00

21.9

2.1926

ERICSSON LM-B SHS

SEK

1.5

225550

95850

95626

22189

209639

136513

227779

138483

3.83

1.00

36.3

4.2243

AXA SA

EUR

0.7

740061

21710

6313

31888

705830

116202

56019

8.1

5.3933

ZURICH INSURANCE GROUP AG

CHF

1.1

399712

26311

5872

39176

372405

70446

36862

10.1

6.8244

SYNGENTA AG-REG

CHF

4.2

15900

4537

5302

2550

36836

10645

14202

8756

3.87

1.00

19.7

2.5851

LINDE AG

EUR

1.9

18897

-129

5922

1905

24445

19819

15280

13658

2.31

1.00

18.8

2.0455

IMPERIAL TOBACCO GROUP PLC

GBp

3.8

10030

-2029

2747

22694

21555

14672

6084

2.43

1.00

33.6

4.6073

SOCIETE GENERALE

EUR

0.5

1243725

18343

2737

21368

1196599

44240

54097

44.3

1.5879

EADS NV

EUR

2.3

78680

-3319

2329

1890

24253

81668

56480

10434

1.17

1.00

19.7

2.0339

NORDEA BANK AB

SEK

1.0

673995

23081

4024

29052

649204

17457

28216

9.3

4.7161

BAYERISCHE MOTOREN WERKE AG

EUR

1.6

126643

2046

27666

8298

47841

101448

76848

30402

1.42

1.00

9.4

3.4279

VOLKSWAGEN AG-PREF

EUR

1.0

250486

3310

64815

11310

77316

227819

192676

81825

1.45

1.00

3.5

ROLLS-ROYCE HOLDINGS PLC

GBp

2.7

15214

2399

5714

1200

16352

12010

12161

6105

2.27

1.00

7.1

2.2324

ASML HOLDING NV

EUR

4.8

7251

3746

3546

1157

19544

3344

4732

4067

6.90

1.00

17.8

1.1042

GDF SUEZ

EUR

0.6

162443

4038

9520

36715

134291

97038

71207

1.24

1.00

22.9

9.6308

INDITEX

EUR

7.6

12558

3207

8332

3117

64328

4408

15946

8482

11.15

1.00

27.2

1.8411

E.ON SE

EUR

0.8

120117

7257

19216

4940

26866

101607

132093

38819

1.77

1.00

12.4

7.807

ANGLO AMERICAN PLC

GBp

1.1

74798

11822

32528

5393

42789

35582

28761

43787

1.90

1.00

2.7631

MUENCHENER RUECKVER AG-REG

EUR

0.9

253466

19791

4374

24390

230937

65896

27423

7.6

5.1471

VIVENDI

EUR

1.2

26341

-6211

2912

4935

22416

38078

28994

21436

1.83

1.00

130.4

5.8997

CENTRICA PLC

GBp

2.9

17830

-352

4677

2422

17344

16025

23942

5927

3.00

1.00

13.6

4.9161

KONINKLIJKE PHILIPS NV

EUR

1.6

18400

2573

9645

1030

18196

17905

24788

11174

3.16

1.00

71.1

3.7698

SWISS RE AG

CHF

0.7

211693

25144

5751

24770

181759

33116

34026

6.1

3.8099

UNICREDIT SPA

EUR

0.3

911169

10258

266

21456

860374

41523

66453

20.3

2.4285

DEUTSCHE POST AG-REG

EUR

1.7

21970

-336

8488

2895

20070

21957

55512

12164

3.92

1.00

12.1

4.2169

IBERDROLA SA

EUR

0.8

77413

1549

14488

3828

25393

62732

34201

34085

1.49

1.00

9.1

0.7151

VINCI SA

EUR

1.4

31044

-3400

4403

3569

19283

47521

39183

14070

1.95

1.00

10.1

4.9221

ASSICURAZIONI GENERALI

EUR

1.1

431842

11174

3305

21172

419176

81431

22569

171.8

1.4556

ENEL SPA

EUR

0.8

135686

3168

22076

7735

29508

118498

82699

53158

1.16

1.00

34.1

4.7801

PERNOD RICARD SA

EUR

2.0

10735

2090

11183

2106

22601

16137

8575

11351

3.84

1.00

19.0

1.9251

INTESA SANPAOLO

EUR

0.4

658753

10133

3060

21364

623273

27819

50199

13.0

ORANGE

EUR

0.9

52389

-8790

-3080

6045

21910

63596

43515

26384

1.13

1.00

26.9

9.3536

VOLVO AB-B SHS

SEK

2.1

298369

10670

83094

19564

180058

251828

303647

86914

1.72

1.00

16.3

3.3784

REPSOL SA

EUR

0.7

59407

6851

18992

4430

19264

37449

58924

27472

2.31

1.00

9.8

6.345

STATOIL ASA

NOK

1.4

696800

19500

270600

204900

442016

464500

705700

319900

2.68

1.00

6.4

4.8561

HEINEKEN NV

EUR

2.5

18254

-2263

8068

2206

29071

23217

18383

12762

2.65

1.00

9.8

1.7634

SWATCH GROUP AG/THE-BR

CHF

2.7

10607

6623

9200

1984

24909

1878

7796

9344

11.25

1.00

15.6

1.4636

ATLAS COPCO AB-A SHS

SEK

6.2

65270

31061

34292

19227

211397

46017

90533

35132

5.55

1.00

15.6

3.0847

HENKEL AG & CO KGAA VORZUG

EUR

2.9

10880

1746

8286

2373

27012

10014

16510

9511

5.39

1.00

17.9

TELIASONERA AB

SEK

1.7

171063

21814

73996

14444

190784

140945

104898

113396

2.78

1.00

9.6

6.4685

TELENOR ASA

NOK

2.3

122864

-13992

64846

17645

173259

92127

101718

77237

2.97

1.00

17.4

5.3476

AP MOELLER-MAERSK A/S-B

DKK

0.9

386508

10469

204404

41924

181626

198147

342058

222544

2.60

1.00

8.6

2.8169

ROYAL BANK OF SCOTLAND GROUP

GBp

0.5

1298750

36756

6077

36249

1241847

28263

70448

TENARIS SA

EUR

2.1

12764

4158

9598

2357

24319

4404

10834

11560

6.45

1.00

14.3

2.0874

ATLAS COPCO AB-B SHS

SEK

6.2

65270

31061

34292

19227

211397

46017

90533

35132

5.55

1.00

15.6

3.0847

CHRISTIAN DIOR

EUR

2.2

32347

4231

8396

6090

23685

27555

29881

28000

2.58

1.00

16.5

2.1912

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Nestle SA Nestle SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company's product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

Price/Volume 80

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NESN VX EQUITY YTD Change NESN VX EQUITY YTD % CHANGE

12/2012 06/yy 70.00 58.30 1'972'305.00 63.15 -9.79% 8.32% 42.31% 3'224.8 203'646.13 27'416.00 0.0 1'657.0 9'296.00 227'519.12

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 103'086.0 1.64x 15'533.0 10.89x 18'039.0 20.80x

10.0 M

31.12.2009 31.12.2010 100'579.0 88'015.0 1.96x 2.08x 16'048.0 15'611.0 12.28x 11.72x 10'428.0 34'233.0 19.38x 21.06x Profitability

LTM-4Q 31.12.2011 83'770.0 2.23x 15'373.0 12.17x 9'487.0 18.18x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 89'931.0 2.33x 10'228.0 18.57x 13'388.00 14.89% 15.50% 8.61% 17.63% 0.76% 47.2% 15.1% 11.4% 0.90 0.24 21.82% 44.94% 5.03

Price/ Cash Flow

LTM

06/yy 85'516 0.00x 0.0 0.00x 0.0 0.00x

06/yy 93'257 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.77 3'218.97 9.82% 9.27% 0.771 41 3.756 3'147'305 4'121'787 4'354'536 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 94'773 99'560 24'109 25'353 2.33x 2.20x 17'916.9 19'122.3 12.68x 11.89x 10'987.1 11'836.2 18.24x 16.89x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

16.08.2007 AA STABLE 23.11.1981 A-1+ 44.9% 30.4% 0.76 3.65 72.59 101.58 -

Sales/Revenue/Turnover

20.00

120'000.0

18.00

100'000.0

16.00 14.00

80'000.0

12.00

60'000.0

10.00 8.00

40'000.0

6.00 4.00

20'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Nestle SA Holdings By:

All

Holder Name BLACKROCK NORGES BANK CAPITAL GROUP COMPAN CREDIT SUISSE AG VANGUARD GROUP INC UBS AG SUN LIFE FINANCIAL I FMR LLC PICTET FUNDS MORGAN STANLEY FIL LIMITED CARMIGNAC GESTION T ROWE PRICE ASSOCIA HARBOR CAPITAL ADVIS DEUTSCHE BANK AG SWISSCANTO FONDSLEIT FIRST EAGLE INVESTME EATON VANCE MANAGEME COVEA FINANCE SAS BANK OF NEW YORK MEL

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Morgan Stanley EILEEN KHOO JPMorgan CELINE PANNUTI AlphaValue SOPHIE CABO-BROSETA Sanford C. Bernstein & Co ANDREW WOOD Exane BNP Paribas JEFF STENT SNS Securities(ESN) RICHARD WITHAGEN Societe Generale WARREN L ACKERMAN Liberum Capital Ltd PABLO ZUANIC First Global Stockbroking DEVINA MEHRA Hamburger Sparkasse TINA HECKING-VELTMAN Main First Bank AG ALAIN-SEBASTIAN OBERHUBER RBC Capital Markets JAMES EDWARDES JONES Goldman Sachs MITCHELL COLLETT Espirito Santo Investment Bank Research ALEX SMITH Natixis PIERRE TEGNER Bank am Bellevue MICHAEL HEIDER Canaccord Genuity Corp EDDY HARGREAVES Nomura DAVID HAYES Credit Suisse ALEX MOLLOY Helvea ANDREAS VON ARX EVA Dimensions CRAIG STERLING Bank Vontobel AG JEAN-PHILIPPE BERTSCHY Investec MARTIN DEBOO Berenberg Bank JAMES TARGETT Redburn Partners JEREMY FIALKO Deutsche Bank HAROLD THOMPSON Jefferies ALEX HOWSON Landesbank Baden-Wuerttemberg BARBARA AMBRUS Independent Research GmbH LARS LUSEBRINK Kepler Cheuvreux JON COX S&P Capital IQ CARL SHORT Barclays LIAM ROWLEY Day by Day VALERIE GASTALDY UBS ALAN ERSKINE Mirabaud Securities JULIAN LAKIN HSBC CEDRIC BESNARD Zuercher Kantonalbank PATRIK SCHWENDIMANN National Bank AG STEFFEN MANSKE Aurel - BGC JEAN-MARIE L'HOME Nord/LB WOLFGANG VASTERLING

Source ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Overwt/In-Line overweight add market perform neutral accumulate buy hold long-term outperform buy outperform outperform neutral/neutral neutral buy hold hold reduce outperform hold hold hold hold hold buy hold buy hold hold hold hold overweight hold neutral hold neutral outperform hold hold buy

Amt Held 119'317'602 82'413'972 73'166'337 43'559'622 38'099'853 35'305'429 29'314'398 22'256'091 18'952'159 18'210'070 14'539'715 13'738'810 13'012'758 11'851'701 10'613'656 10'051'508 8'153'102 7'192'776 7'189'604 5'838'510

% Out 3.7 2.56 2.27 1.35 1.18 1.09 0.91 0.69 0.59 0.56 0.45 0.43 0.4 0.37 0.33 0.31 0.25 0.22 0.22 0.18

Weighting

Change 5 5 4 3 3 4 5 3 5 5 5 5 3 3 5 3 3 2 5 3 3 3 3 3 5 3 5 3 3 3 3 5 3 3 3 3 5 3 3 5

M M M M M U M M M M M M M M M M M M M M U M M M M M M M M M M M D M M M U M M M

Latest Chg (9'679'860) (706'405) (286'474) (106'500) 1'924'672 (652'986) (255'323) (418'183) 3'957'246 1'149'170 2'709'903 (35'644) 741'449 (44'643) 197'400 (185'635) 7'056'334 264'291

Target Price 71 72 69 68 72 72 73 #N/A N/A 82 #N/A N/A 70 78 64 67 70 65 69 60 76 67 #N/A N/A 66 65 68 #N/A N/A 60 74 65 66 60 66 73 #N/A N/A 65 65 67 #N/A N/A 64 49 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.09.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Unclassified 27.09.2013 Unclassified 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 30.08.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 27.09.2013 Investment Advisor

Date 12 month 12 month 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided

Date 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 23.09.2013 20.09.2013 18.09.2013 17.09.2013 17.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 05.09.2013 05.09.2013 02.09.2013 15.08.2013 15.08.2013 14.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 22.07.2013 13.06.2013 02.05.2013 18.04.2013 18.04.2013 24.01.2013 18.10.2012 10.09.2012

30.09.2013

HSBC Holdings PLC HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. The Group operates worldwide.

Price/Volume

12/2012 06/yy 772.50 574.00 8'253'991.00 669 -13.35% 16.55% 52.24% 18'655.9 124'807.90 284'987.00 2'728.0 7'887.0 301'381.00 -

Price/ Cash Flow

1.20 1.00

50.0 M 40.0 M 30.0 M

300 200

20.0 M

100

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended

60.0 M

600 400

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HSBA LN EQUITY YTD Change HSBA LN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

700 500

Valuation Analysis

31.12.2008 126'036.0 5'728.0 19.90x

800

31.12.2009 31.12.2010 97'533.0 91'171.0 5'834.0 13'159.0 31.93x 13.43x Profitability

LTM-4Q 31.12.2011 94'799.0 16'797.0 8.03x

31.12.2012 88'382.0 14'027.0 13.58x 14.52% 29.77% 0.60% 9.00% 3.98% 0.03% 20.2% 10.58% 165.20% -

LTM

06/yy 72'964.0 0.00x 0.0 0.00x 16'020.0 9.67x

06/yy 77'849.0 0.00x 0.0 0.00x 15'873.0 11.95x

FY+1

4.35 1.22 18'645.86 21.90% 7.05% 1.222 47 3.787 17'759'700 20'670'760 20'337'750 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 66'366.5 68'940.0 18'141.1 19'690.3 11.24x 10.37x S&P Issuer Ratings

29.11.2011 A+ NEG 29.11.2011 A-1 165.2% 60.9% 0.03 7.34 -

Sales/Revenue/Turnover

160'000.0 140'000.0 120'000.0

0.80 0.60

100'000.0 80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

HSBC Holdings PLC Holdings By:

All

Holder Name JP MORGAN BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN NORGES BANK INVESTME NORGES BANK VANGUARD GROUP INC SCOTTISH WIDOWS STATE STREET CORP FIL LIMITED UBS AG FRANKLIN RESOURCES SUN LIFE FINANCIAL I BARCLAYS GLOBAL INVE ABERDEEN DZ BANK AG STANDARD LIFE INVEST PRUDENTIAL PLC AXA HSBC INVESTMENTS UK

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Mizuho Securities JIM ANTOS BNP Paribas Equity Research DOMINIC CHAN AlphaValue DAVID GRINSZTAJN Keefe, Bruyette & Woods MARK J PHIN Grupo Santander ARTURO DE FRIAS Deutsche Bank JASON NAPIER JPMorgan RAUL SINHA Sanford C. Bernstein & Co CHIRANTAN BARUA Shore Capital Stockbrokers GARY GREENWOOD Macquarie THOMAS STOEGNER RBC Capital Markets PATRICK LEE China International Capital Corp MAO JUNHUA Credit Suisse AMIT GOEL Berenberg Bank JAMES CHAPPELL Citic Securities Co., Ltd STEVEN CHAN Barclays ROHITH CHANDRA-RAJAN Independent Research GmbH STEFAN BONGARDT Day by Day VALERIE GASTALDY Investec IAN GORDON Phillip Securities CHEN XINGYU Mediobanca SpA CHRISTOPHER J WHEELER Societe Generale JAMES INVINE Morgan Stanley ANIL AGARWAL Morgan Stanley CHRISTOPHER MANNERS DBS Vickers ALEXANDER LEE Bankhaus Lampe NEIL SMITH Canaccord Genuity Corp GARETH HUNT Numis Securities Ltd MICHAEL J TRIPPITT BOCOM International Holdings LI SHANSHAN EVA Dimensions DOUG WALTERS Landesbank Baden-Wuerttemberg WERNER SCHIRMER Hamburger Sparkasse CHRISTIAN HAMANN S&P Capital IQ FRANK BRADEN Oriel Securities Ltd VIVEK RAJA CCB International Securities Ltd ADAM CHAN Redburn Partners FAHED KUNWAR Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Goldman Sachs FREDERIK THOMASEN AMTD Financial Planning Limited KENNY TANG SING HING Liberum Capital Ltd CORMAC LEECH UBS JOHN-PAUL CRUTCHLEY

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG REG REG ULT-AGG ULT-AGG REG

Recommendation buy neutral neutral buy sell outperform underweight hold neutral outperform hold outperform sector perform accumulate outperform buy overweight overweight hold buy buy buy outperform buy Equalwt/In-Line Equalwt/In-Line hold sell buy hold neutral underweight hold buy buy buy neutral buy buy Buy/Neutral buy hold neutral

Amt Held 1'338'629'211 1'110'172'768 748'467'133 588'120'515 476'556'585 466'932'178 461'215'618 460'045'487 435'553'028 320'926'235 235'074'113 225'751'909 216'147'783 213'843'953 200'206'455 199'626'669 198'945'867 178'830'276 153'923'594 148'430'627

% Out 7.18 5.95 4.01 3.15 2.55 2.5 2.47 2.47 2.33 1.72 1.26 1.21 1.16 1.15 1.07 1.07 1.07 0.96 0.83 0.8

Weighting

Change 5 3 3 5 1 5 1 3 3 5 3 5 3 4 5 5 5 5 3 5 5 5 5 5 3 3 3 1 5 3 3 1 3 5 5 5 3 5 5 5 5 3 3

M M M M M M D M D M D M M M M M M M M M U M M M D M D M M M M U M N M M M M M M M D M

Latest Chg (389'304) (9'835'788) 98'539'136 26'400'348 (2'452'327) 4'229'864 34'625'647 31'038'871 (6'887'857) 14'200'208 (1'681'056) (243'050) 519'114 (1'738'451) 5'011'957 6'437'582

Target Price 850 750 750 823 579 780 690 730 800 860 #N/A N/A 800 700 765 780 790 805 810 780 750 745 832 835 810 747 757 750 650 825 712 733 #N/A N/A 780 #N/A N/A 800 860 756 #N/A N/A 850 950 745 650 750

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2013 26.09.2013 31.07.2013 31.07.2013 01.05.2013 31.12.2012 30.06.2013 31.08.2013 27.09.2013 31.07.2013 27.09.2013 31.08.2013 31.07.2013 28.06.2013 31.08.2013 01.05.2013 01.05.2013 30.06.2013 30.06.2013 01.05.2013

Date 12 month Not Provided 12 month 12 month 6 month 12 month 12 month 12 month 15 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided 12 month 3 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Unclassified Investment Advisor Government Government Unclassified Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 11.09.2013 09.09.2013 06.09.2013 05.09.2013 04.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 23.08.2013 23.08.2013 09.08.2013 08.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 16.07.2013 03.07.2013 03.06.2013 08.05.2013 12.04.2013 05.03.2013

30.09.2013

Roche Holding AG Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Price/Volume 300

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROG VX EQUITY YTD Change ROG VX EQUITY YTD % CHANGE

12/2012 06/yy 258.60 174.20 550'192.00 244.3 -5.53% 40.24% 82.58% 702.6 210'548.06 24'590.00 0.0 2'234.0 13'991.00 226'287.07

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 45'617.0 2.93x 16'673.0 8.03x 8'969.0 15.58x

100

31.12.2009 31.12.2010 49'051.0 47'473.0 3.62x 2.96x 18'936.0 18'358.0 9.38x 7.65x 7'784.0 8'666.0 19.38x 13.51x Profitability

LTM-4Q 31.12.2011 42'531.0 3.65x 17'894.0 8.68x 9'343.0 14.46x

31.12.2012 45'499.0 3.77x 19'400.0 8.84x 9'539.0 16.36x 19'400.00 16'979.00 37.32% 27.08% 18.86% 95.24% 32.70% 0.78% 73.8% 42.3% 37.1% 21.0% 1.55 1.16 37.94% 169.66% 4.84 2.12

Price/ Cash Flow

LTM

06/yy 43'283.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 46'371.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.96 701.88 43.82% 37.33% 0.960 32 4.500 815'451 907'314 949'552 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 47'285.3 49'053.6 11'709.3 12'208.3 4.63x 4.35x 20'096.4 21'180.6 11.24x 10.66x 12'688.5 13'720.2 16.24x 15.13x S&P Issuer Ratings

17.09.2012 AA STABLE 01.02.2006 A-1+ 13.90 12.34 0.69 1.09 169.7% 59.5% 0.78 2.98 75.45 172.09 50.98 181.16

Sales/Revenue/Turnover

18.00

60'000.0

16.00

50'000.0

14.00

40'000.0

12.00 10.00

30'000.0

8.00

20'000.0

6.00 4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Roche Holding AG Holdings By:

All

Holder Name VANGUARD GROUP INC NORGES BANK CAPITAL GROUP COMPAN BLACKROCK PRIMECAP MANAGEMENT CREDIT SUISSE AG FRANKLIN RESOURCES PERPETUAL INVESTMENT UBS AG DODGE & COX DODGE & COX WORLDWID SUN LIFE FINANCIAL I FMR LLC HARBOR CAPITAL ADVIS PICTET FUNDS BANK OF NEW YORK MEL THORNBURG INVESTMENT DEUTSCHE BANK AG FIL LIMITED ABERDEEN

Firm Name Societe Generale Jefferies Bryan Garnier & Cie Sanford C. Bernstein & Co AlphaValue Natixis Day by Day Exane BNP Paribas Helvea JPMorgan UBS Barclays Zuercher Kantonalbank Deutsche Bank Bank am Bellevue Kepler Cheuvreux Berenberg Bank Credit Suisse Independent Research GmbH Hamburger Sparkasse Bank Vontobel AG Landesbank Baden-Wuerttemberg S&P Capital IQ Liberum Capital Ltd CM - CIC Securities(ESN) Redburn Partners EVA Dimensions Goldman Sachs Mirabaud Securities National Bank AG Cyrrus MP Advisors Pvt Ltd

Portfolio Name n/a Multiple Portfolios n/a n/a PRIMECAP MANAGEMENT n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst STEPHEN MCGARRY JEFFREY HOLFORD ERIC LE BERRIGAUD TIMOTHY M ANDERSON ARMELLE MOULIN PHILIPPE LANONE VALERIE GASTALDY VINCENT MEUNIER ODILE RUNDQUIST RICHARD VOSSER ANDREW WHITNEY MARK PURCELL MICHAEL NAWRATH TIM RACE BRUNO ESCHLI FABIAN WENNER ALISTAIR CAMPBELL LUISA HECTOR CHRISTOPH SCHOENDUBE MARCO GUENTHER ANDREW C WEISS TIMO KUERSCHNER SHO MATSUBARA NARESH CHOUHAN ARSENE GUEKAM TEAM COVERAGE TIMOTHY STANISH KEYUR PAREKH NICHOLAS TURNER STEFFEN MANSKE TOMAS MENCIK VISHAL MANCHANDA

Source ULT-AGG MF-AGG ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation buy buy neutral outperform add buy hold neutral buy overweight neutral overweight outperform buy buy buy buy outperform buy hold buy buy buy buy buy neutral overweight Buy/Neutral accumulate hold accumulate outperform

Amt Held 21'048'484 16'154'814 15'092'299 12'853'543 10'513'329 9'877'114 9'230'473 9'115'734 8'038'915 7'496'200 7'367'775 4'721'720 4'700'633 4'691'073 4'440'628 3'673'776 3'538'214 2'979'110 2'645'689 2'368'760

% Out 3 2.3 2.15 1.83 1.5 1.41 1.31 1.3 1.14 1.07 1.05 0.67 0.67 0.67 0.63 0.52 0.5 0.42 0.38 0.34

Weighting

Change 5 5 3 5 4 5 3 3 5 5 3 5 5 5 5 5 5 5 5 3 5 5 5 5 5 3 5 5 4 3 4 5

M M M M M M M M M M M M M M M M M M M M M M M U U M M M M N M M

Latest Chg 122'672 (1'202'673) 467'907 (85'966) (142'317) (671'627) 101'592 (39'234) (220'000) 103'523 1'789 (5'018) (50'098) (16'576) (347'600) 218'749 (832'594) (15'066)

Target Price 312 280 252 273 252 285 #N/A N/A 250 270 280 225 258 #N/A N/A 280 263 260 270 270 295 #N/A N/A 263 290 284 250 281 #N/A N/A #N/A N/A 310 262 210 176 160

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 31.12.2012 31.07.2013 26.09.2013 30.06.2013 30.08.2013 31.08.2013 31.08.2013 27.09.2013 30.06.2013 31.03.2013 31.07.2013 31.07.2013 30.06.2013 30.08.2013 27.09.2013 31.07.2013 31.07.2013 30.04.2013 31.08.2013

Date 12 month 12 month 6 month 12 month 6 month 6 month Not Provided Not Provided 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 30.09.2013 27.09.2013 26.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 17.09.2013 16.09.2013 05.09.2013 04.09.2013 28.08.2013 27.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 28.06.2013 18.06.2013 14.06.2013 06.06.2013 17.05.2013 10.05.2013 31.01.2013 05.04.2012 14.11.2011

30.09.2013

Novartis AG Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.

Price/Volume 16.0 M

14.0 M 12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (20.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOVN VX EQUITY YTD Change NOVN VX EQUITY YTD % CHANGE

12/2012 06/yy 73.75 55.20 1'631'482.00 69.65 -5.56% 26.18% 77.90% 2'706.2 188'486.34 19'726.00 0.0 126.0 8'119.00 222'207.87

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M

70 50

Valuation Analysis

31.12.2008 41'459.0 2.76x 12'109.0 9.44x 8'195.0 13.89x

31.12.2009 31.12.2010 44'267.0 50'624.0 2.72x 3.08x 12'318.0 15'866.0 9.79x 9.81x 8'400.0 9'794.0 14.73x 13.70x Profitability

LTM-4Q 31.12.2011 58'566.0 2.61x 17'818.0 8.58x 9'113.0 14.94x

31.12.2012 56'673.0 2.89x 16'714.0 9.82x 9'505.0 16.01x 16'714.00 11'794.00 20.81% 19.84% 7.85% 14.08% 11.58% 0.48% 66.9% 28.8% 20.1% 16.8% 1.16 0.76 15.88% 28.55% 5.37 2.78

Price/ Cash Flow

LTM

06/yy 57'662.0 10.61x 16'889.0 8.96x 8'534.0 15.87x

06/yy 57'139.0 12.33x 16'476.0 11.37x 9'408.0 18.37x

FY+1

0.88 2'423.83 25.49% 25.71% 0.882 30 3.933 2'399'169 3'250'692 3'127'324 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'472.1 59'032.0 14'272.3 14'646.7 3.77x 3.59x 16'751.8 17'582.2 13.24x 12.61x 12'601.5 13'437.1 3'188.0 2'975.0 14.99x 13.83x 14.96x 14.47x S&P Issuer Ratings

07.04.2008 AASTABLE 14.01.1997 A-1+ 23.09 19.36 0.83 1.15 28.5% 22.2% 0.48 3.53 67.96 131.10 88.33 90.49

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Novartis AG Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK NOVARTIS AG EMASAN AG NOVARTIS FOUNDATION NORGES BANK DODGE & COX WORLDWID CREDIT SUISSE AG VANGUARD GROUP INC UBS AG PICTET FUNDS HARBOR CAPITAL ADVIS BANK OF NEW YORK MEL INVESCO LTD THORNBURG INVESTMENT SWISSCANTO FONDSLEIT CARMIGNAC GESTION FMR LLC DEUTSCHE BANK AG SUN LIFE FINANCIAL I

Firm Name Sanford C. Bernstein & Co Helvea AlphaValue Bryan Garnier & Cie Natixis Exane BNP Paribas Bank Vontobel AG Barclays Jefferies Deutsche Bank Credit Suisse Societe Generale Zuercher Kantonalbank Liberum Capital Ltd Berenberg Bank Bank am Bellevue Day by Day Kepler Cheuvreux Landesbank Baden-Wuerttemberg Independent Research GmbH Hamburger Sparkasse CM - CIC Securities(ESN) S&P Capital IQ JPMorgan Redburn Partners EVA Dimensions Goldman Sachs UBS Cyrrus Mirabaud Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst TIMOTHY M ANDERSON ODILE RUNDQUIST ARMELLE MOULIN ERIC LE BERRIGAUD BEATRICE MUZARD FLORENT CESPEDES ANDREW C WEISS MARK PURCELL JEFFREY HOLFORD TIM RACE MATTHEW WESTON STEPHEN MCGARRY MICHAEL NAWRATH NARESH CHOUHAN ALISTAIR CAMPBELL BRUNO ESCHLI VALERIE GASTALDY FABIAN WENNER TIMO KUERSCHNER CHRISTOPH SCHOENDUBE MARCO GUENTHER ARSENE GUEKAM SHO MATSUBARA RICHARD VOSSER TEAM COVERAGE TIMOTHY STANISH KEYUR PAREKH ANDREW WHITNEY TOMAS MENCIK NICHOLAS TURNER

Source ULT-AGG ULT-AGG EXCH Co File EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation outperform buy add buy neutral outperform reduce underweight buy hold outperform buy outperform buy buy hold hold hold buy hold hold hold hold overweight neutral overweight neutral/neutral buy hold accumulate

Amt Held 124'079'873 118'843'860 109'194'165 87'859'938 78'926'882 60'347'393 37'058'506 36'398'922 33'278'472 30'093'271 15'275'859 13'520'441 11'705'499 10'323'016 9'867'796 8'816'259 8'442'000 8'045'224 7'611'647 6'403'531

% Out 4.59 4.39 4.03 3.25 2.92 2.23 1.37 1.35 1.23 1.11 0.56 0.5 0.43 0.38 0.36 0.33 0.31 0.3 0.28 0.24

Weighting

Change 5 5 4 5 3 5 2 1 5 3 5 5 5 5 5 3 3 3 5 3 3 3 3 5 3 5 3 5 3 4

M M M M M M M D M M M M M M M M M M M M M M M M D M M M M M

Latest Chg (2'058'246) 8'408'828 (534'812) 884'368 21'264 (182'751) (145) (294'812) 1'160'179 49'996 7'906'126 (224'496) 254'641 188'898

Target Price 80 76 72 76 72 79 60 64 80 74 79 82 #N/A N/A 85 83 70 #N/A N/A 66 75 75 #N/A N/A 55 69 78 #N/A N/A #N/A N/A 76 80 52 61

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.07.2013 Investment Advisor 26.09.2013 Investment Advisor 09.05.2012 Corporation 31.12.2011 Hedge Fund Manager 25.02.2013 n/a 31.12.2012 Government 31.03.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Unclassified 27.09.2013 Unclassified 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 27.09.2013 Investment Advisor 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor

Date 12 month 12 month 6 month 6 month 6 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 9 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Date 27.09.2013 27.09.2013 26.09.2013 23.09.2013 23.09.2013 19.09.2013 16.09.2013 16.09.2013 10.09.2013 04.09.2013 29.08.2013 28.08.2013 20.08.2013 16.08.2013 26.07.2013 23.07.2013 22.07.2013 19.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 10.07.2013 14.06.2013 06.06.2013 17.05.2013 19.03.2013 05.04.2012 02.04.2012

30.09.2013

Vodafone Group PLC Vodafone Group PLC is a mobile telecommunications company providing a range of services, including voice and data communications. The Company operates in Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa and the Middle East through its subsidiaries, associates, and investments.

Price/Volume 250

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M

200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (31.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOD LN EQUITY YTD Change VOD LN EQUITY YTD % CHANGE

03/2013 06/yy 219.20 154.20 32'747'580.00 216.4 -1.25% 40.34% 96.92% 48'461.3 104'870.32 41'529.00 0.0 1'011.0 12'973.00 134'437.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 o-12

31.03.2010 31.03.2011 44'472.0 45'884.0 2.54x 2.67x 14'820.0 14'668.0 7.62x 8.35x 8'645.0 7'968.0 9.25x 11.61x Profitability

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.03.2012 46'417.0 2.43x 18'214.0 6.20x 6'957.0 12.54x

31.03.2013 44'445.0 2.72x 13'765.0 8.78x 429.0 213.97x

13'765.00 6'065.00 13.65% 7.32% 0.30% 0.58% 0.92% 0.31% 31.4% 31.0% 13.6% 1.0% 0.75 0.54 29.10% 58.10% 11.28 65.18

Price/ Cash Flow

LTM

06/yy 45'525.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 44'778.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

4.71 0.75 48'432.73 30.46% 45.47% 0.746 31 3.871 98'125'260 ######### 90'535'080 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 44'562.1 45'073.9 2.99x 2.88x 13'118.1 13'399.7 10.25x 10.03x 7'624.6 6'797.8 14.14x 14.14x S&P Issuer Ratings

05.09.2013 ASTABLE 30.05.2006 A-2 7.70 5.09 2.07 3.02 58.1% 36.4% 0.31 2.28 32.36 5.60 53.03 -15.08

Sales/Revenue/Turnover

8.00

50'000.0

7.00

45'000.0 40'000.0

6.00

35'000.0

5.00

30'000.0

4.00

25'000.0 20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 02.04.2010

n-12

Fiscal Year Ended 31.03.2009 41'017.0 2.36x 14'520.0 6.67x 3'078.0 21.03x

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Vodafone Group PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL FRANKLIN RESOURCES VANGUARD GROUP INC SCOTTISH WIDOWS CAPITAL GROUP COMPAN NORGES BANK INVESTME NORGES BANK UBS AG STATE STREET CORP ABERDEEN PEOPLES REPUBLIC OF FIL LIMITED SUN LIFE FINANCIAL I BARCLAYS GLOBAL INVE CREDIT SUISSE AG STANDARD LIFE INVEST JP MORGAN PRUDENTIAL PLC AXA

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Exane BNP Paribas ANTOINE PRADAYROL Oriel Securities Ltd JOHN KARIDIS AlphaValue JEAN-MICHEL SALVADOR Independent Research GmbH MARKUS FRIEBEL Day by Day VALERIE GASTALDY Nomura JAMES BRITTON UBS NICK LYALL New Street Research JAMES RATZER National Bank AG MARKUS GLOCKENMEIER Credit Suisse JUSTIN FUNNELL Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Banca Akros(ESN) ANDREA DEVITA Natixis BENOIT MAYNARD Societe Generale OTTAVIO ADORISIO JPMorgan AKHIL DATTANI Jefferies JEREMY A DELLIS Deutsche Bank DAVID A WRIGHT Hamburger Sparkasse TINA HECKING-VELTMAN Espirito Santo Investment Bank Research ANDREW HOGLEY Grupo Santander JOHN DAVIES Raymond James STEPHANE BEYAZIAN Macquarie GUY R PEDDY Oddo & Cie VINCENT MAULAY Berenberg Bank PAUL ANDREW MARSCH S&P Capital IQ JAMES CRAWSHAW Barclays MAURICE PATRICK Morgan Stanley LUIS PROTA Makor Capital ALBERT SAPORTA HSBC STEPHEN HOWARD Goldman Sachs TIMOTHY BODDY Gabelli & Co EVAN D MILLER EVA Dimensions ANDREW S ZAMFOTIS Northland Capital Partners Ltd DAVID JOHNSON

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG MF-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG

Recommendation market perform underperform hold add hold buy buy buy buy buy outperform hold hold neutral sell restricted hold buy hold neutral hold outperform neutral buy hold hold suspended coverage restricted buy overweight not rated buy buy not rated

Amt Held 3'367'545'539 2'086'376'701 1'911'082'045 1'412'874'653 1'404'336'633 1'370'547'139 1'190'966'875 1'121'139'281 986'310'427 900'696'650 789'150'799 740'416'478 645'514'034 638'193'168 556'207'191 554'021'342 544'419'847 515'954'525 471'211'875 465'325'373

% Out 6.95 4.31 3.94 2.92 2.9 2.83 2.46 2.31 2.04 1.86 1.63 1.53 1.33 1.32 1.15 1.14 1.12 1.06 0.97 0.96

Weighting

Change

3 1 3 4 3 5 5 5 5 5 5 3 3 3 1 #N/A N/A 3 5 3 3 3 5 3 5 3 3 #N/A N/A #N/A N/A 5 5 #N/A N/A 5 5 #N/A N/A

M M M M M M M M M M M M M M M M M M M M M M D M M M M M N M M M M M

Latest Chg 34'853'609 (97'984'099) 50'993'181 56'284'040 64'373'245 (50'535'912) 30'176'025 (36'252'725) 53'178'665 (79'708'675) (100'065'739) 68'686'103 11'066'075 (4'648'532) (16'801'017) (5'601'758)

Target Price 230 202 215 247 230 235 235 245 235 230 195 220 220 220 130 #N/A N/A 216 246 #N/A N/A 215 190 220 230 240 233 229 #N/A N/A #N/A N/A 250 230 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.07.2013 31.07.2013 30.06.2013 31.08.2013 30.06.2013 03.06.2013 31.12.2012 27.09.2013 27.09.2013 31.08.2013 03.06.2013 03.06.2013 31.07.2013 28.06.2013 30.08.2013 03.06.2013 31.08.2013 03.06.2013 30.06.2013

Date 12 month Not Provided Not Provided 6 month 12 month 3 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Unclassified Investment Advisor Unclassified Unclassified Investment Advisor Government Government Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 30.09.2013 30.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 17.09.2013 13.09.2013 13.09.2013 13.09.2013 12.09.2013 06.09.2013 06.09.2013 06.09.2013 05.09.2013 05.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 29.08.2013 29.08.2013 01.07.2013 12.06.2013 05.04.2013 17.01.2013 13.04.2010

30.09.2013

BP PLC BP plc is an oil and petrochemicals company. The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

Price/Volume

60.0 M 50.0 M 40.0 M

300

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BP/ LN EQUITY YTD Change BP/ LN EQUITY YTD % CHANGE

12/2012 06/yy 485.00 416.35 10'248'614.00 435.4 -10.23% 4.58% 36.05% 18'815.3 81'921.63 48'797.00 21.0 1'206.0 20'114.00 151'194.28

30.0 M

200

20.0 M

100

10.0 M

0 o-12

31.12.2009 31.12.2010 239'272.0 297'107.0 0.87x 0.55x 33'392.0 38'497.0 6.24x 4.22x 16'578.0 (3'719.0) 10.95x Profitability

LTM-4Q 31.12.2011 375'517.0 0.44x 45'796.0 3.63x 25'700.0 5.25x

31.12.2012 375'580.0 0.43x 20'442.0 7.92x 11'582.0 11.34x 20'442.00 7'961.00 2.12% 5.01% 8.66% 21.52% 16.12% 1.24% 11.6% 6.8% 3.2% 3.1% 1.37 0.59 16.26% 41.22% 11.89

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

5.12 0.99 18'812.10 5.00% 6.52% 0.993 33 3.364 19'499'030 20'909'330 20'181'310 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 378'677.0 372'303.0 348'608.1 344'634.2 96'000.7 94'599.0 1.70x 1.70x 0.45x 0.46x 1.60x 1.63x 37'562.0 25'267.0 39'977.0 41'608.1 9'792.7 10'620.0 4.24x 5.93x 3.78x 3.63x 3.58x 3.53x 16'976.0 25'957.0 14'556.9 17'113.3 4'086.8 4'213.8 7.39x 5.09x 9.06x 7.84x 8.38x 7.93x S&P Issuer Ratings Long-Term Rating Date 24.09.2010 Long-Term Rating A Long-Term Outlook POS Short-Term Rating Date 24.09.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 13.60 (EBITDA-Capex)/Interest Exp. -1.75 Net Debt/EBITDA 0.70 Total Debt/EBITDA 1.86 Reference Total Debt/Equity 41.2% Total Debt/Capital 29.0% Asset Turnover 1.24 Net Fixed Asset Turnover 3.03 Accounts receivable turnover-days Inventory Days 30.69 Accounts Payable Turnover Day Cash Conversion Cycle 23.17 Sales/Revenue/Turnover

18.00

400'000.0

16.00

350'000.0

14.00

300'000.0

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0

6.00

100'000.0

4.00

50'000.0

2.00 0.00 01.01.2010

.0 M n-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

500 400

Valuation Analysis

31.12.2008 361'143.0 0.47x 41'761.0 4.05x 21'157.0 6.81x

600

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

BP PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK CAPITAL GROUP COMPAN SCOTTISH WIDOWS VANGUARD GROUP INC NORGES BANK INVESTME NORGES BANK FRANKLIN RESOURCES UBS AG STATE STREET CORP PEOPLES REPUBLIC OF KUWAIT INVESTMENT AU PRUDENTIAL PLC FIL LIMITED STANDARD LIFE INVEST BARCLAYS GLOBAL INVE AVIVA INVESTORS AXA AVIVA PLC HSBC INVESTMENTS UK

Firm Name Jyske Bank Sanford C. Bernstein & Co Exane BNP Paribas Goldman Sachs AlphaValue Simmons & Company International Day by Day Societe Generale Raymond James Nomura RBC Capital Markets Grupo Santander Barclays Canaccord Genuity Corp EVA Dimensions Jefferies Macquarie Natixis Liberum Capital Ltd Deutsche Bank Morgan Stanley Investec JPMorgan Landesbank Baden-Wuerttemberg Independent Research GmbH S&P Capital IQ Oriel Securities Ltd VSA Capital Ltd VTB Capital UBS Tudor Pickering & Co

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ROBERT JAKOBSEN OSWALD CLINT ALEJANDRO DEMICHELIS MICHELE DELLA VIGNA ALEXANDRE ANDLAUER GUY BABER VALERIE GASTALDY IRENE HIMONA BERTRAND HODEE THEEPAN JOTHILINGAM PETER HUTTON JASON KENNEY RAHIM KARIM SAMUEL SIMON DOUG WALTERS IAIN REID JASON D GAMMEL ANNE PUMIR ANDREW WHITTOCK LUCAS HERRMANN MARTIJN P RATS NEILL MORTON FREDERICK G LUCAS JENS MUENSTERMANN SVEN DIERMEIER CHRISTINE TISCARENO RICHARD GRIFFITH DOUGIE YOUNGSON COLIN SMITH JONATHON RIGBY ROBERT KESSLER

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG ULT-AGG REG REG ULT-AGG ULT-AGG REG MF-AGG REG ULT-AGG MF-AGG REG

Recommendation buy market perform outperform neutral/cautious reduce overweight hold hold market perform neutral sector perform underweight underweight hold buy hold outperform neutral hold buy Underwt/In-Line hold overweight buy hold hold hold sell hold buy accumulate

Amt Held 1'352'774'589 1'032'917'387 743'547'210 538'558'781 462'524'968 440'435'909 431'404'955 369'057'339 364'090'920 350'663'522 341'051'304 328'143'792 308'914'530 256'052'066 239'057'923 219'945'184 175'533'364 175'363'926 163'921'193 136'057'977

% Out 7.19 5.49 3.95 2.86 2.46 2.34 2.29 1.96 1.94 1.86 1.81 1.74 1.64 1.36 1.27 1.17 0.93 0.93 0.87 0.72

Weighting

Change 5 3 5 3 2 5 3 3 3 3 3 1 1 3 5 3 5 3 3 5 1 3 5 5 3 3 3 1 3 5 4

M M M M M M M M M M M D M M U M M M M M M M M M D M M M M M M

Latest Chg (19'852'881) 13'522'251 17'177'883 (1'478'376) (5'453'358) 19'708'620 7'453'927 7'324'940 (868'987) 12'209'422 (1'652'884) 6'799'667 (3'819'486) 2'308'050 7'560'582

Target Price 507 490 550 450 450 #N/A N/A #N/A N/A 490 #N/A N/A 460 530 485 485 470 #N/A N/A 500 550 465 445 500 452 440 515 530 510 595 #N/A N/A 400 490 500 500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 26.09.2013 30.06.2013 31.08.2013 30.06.2013 01.05.2013 31.12.2012 31.07.2013 27.09.2013 27.09.2013 01.05.2013 01.05.2013 30.06.2013 01.05.2013 01.05.2013 28.06.2013 01.05.2013 30.06.2013 31.08.2013 01.05.2013

Date Not Provided 12 month Not Provided 12 month 6 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 3 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Inst Type Unclassified Investment Advisor Investment Advisor Unclassified Unclassified Government Government Investment Advisor Unclassified Investment Advisor Government Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 30.09.2013 27.09.2013 26.09.2013 23.09.2013 23.09.2013 17.09.2013 09.09.2013 05.09.2013 30.08.2013 28.08.2013 22.08.2013 15.08.2013 05.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 19.02.2013 15.10.2012

30.09.2013

Royal Dutch Shell PLC Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and refines petroleum. The Company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.

Price/Volume 2500

14.0 M 12.0 M

2000

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (30.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RDSA LN EQUITY YTD Change RDSA LN EQUITY YTD % CHANGE

12/2012 06/yy 2'323.50 2'020.00 1'139'559.00 2034 -12.46% 0.69% 4.19% 3'860.7 131'896.89 37'754.00 0.0 1'433.0 18'550.00 234'719.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

1000

6.0 M 4.0 M

500

2.0 M

0 o-12

31.12.2009 31.12.2010 278'188.0 368'056.0 0.76x 0.65x 29'079.0 41'839.0 7.28x 5.69x 12'518.0 20'127.0 14.87x 10.16x Profitability

LTM-4Q 31.12.2011 470'171.0 0.56x 55'943.0 4.73x 30'918.0 7.39x

31.12.2012 467'153.0 0.52x 52'114.0 4.65x 26'592.0 8.12x 52'114.00 37'499.00 8.03% 10.76% 6.86% 13.42% 11.73% 1.32% 15.2% 11.5% 7.2% 5.7% 1.18 0.61 10.48% 20.03% 6.83 13.38

Price/ Cash Flow

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

5.36 0.91 3'859.07 0.12% -0.21% 0.910 26 3.885 2'067'720 2'621'217 2'825'288 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 475'975.0 455'644.0 448'828.0 450'969.8 115'677.3 118'919.0 2.01x 2.05x 0.54x 0.54x 2.05x 2.06x 52'487.0 52'414.0 60'849.5 63'491.9 14'932.0 15'826.0 4.46x 4.29x 3.86x 3.70x 3.79x 3.79x 26'296.0 23'723.0 24'255.8 26'230.1 5'686.0 6'531.3 7.99x 8.45x 8.44x 8.03x 8.33x 8.09x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 06.03.1990 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 22.42 (EBITDA-Capex)/Interest Exp. 8.41 Net Debt/EBITDA 0.39 Total Debt/EBITDA 0.63 Reference Total Debt/Equity 20.0% Total Debt/Capital 16.6% Asset Turnover 1.32 Net Fixed Asset Turnover 2.71 Accounts receivable turnover-days 53.48 Inventory Days 27.28 Accounts Payable Turnover Day 69.49 Cash Conversion Cycle 22.13 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 458'361.0 0.37x 57'301.0 2.98x 26'277.0 6.16x

1500

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Royal Dutch Shell PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK NORGES BANK SCOTTISH WIDOWS VANGUARD GROUP INC STATE STREET CORP PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I BARCLAYS GLOBAL INVE UBS AG FIL LIMITED GIC PRIVATE LIMITED FRANKLIN RESOURCES JP MORGAN BP INVESTMENT MANAGE ABERDEEN NORTHERN TRUST GLOBA AVIVA PLC HALIFAX FUND MANAGEM STANDARD LIFE INVEST

Firm Name Sanford C. Bernstein & Co ING Bank AlphaValue Simmons & Company International JPMorgan Raymond James Tudor Pickering & Co EVA Dimensions RBC Capital Markets Theodoor Gilissen Securities Barclays Day by Day Canaccord Genuity Corp Morgan Stanley Investec UBS Jefferies Macquarie Independent Research GmbH Hamburger Sparkasse Natixis Oriel Securities Ltd Landesbank Baden-Wuerttemberg Deutsche Bank VSA Capital Ltd VTB Capital S&P Capital IQ

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OSWALD CLINT QUIRIJN MULDER ALEXANDRE ANDLAUER GUY BABER FREDERICK G LUCAS BERTRAND HODEE ROBERT KESSLER DOUG WALTERS PETER HUTTON JOS VERSTEEG RAHIM KARIM VALERIE GASTALDY SAMUEL SIMON MARTIJN P RATS NEILL MORTON JONATHON RIGBY IAIN REID JASON D GAMMEL SVEN DIERMEIER INGO SCHMIDT ANNE PUMIR RICHARD GRIFFITH JENS MUENSTERMANN LUCAS HERRMANN DOUGIE YOUNGSON COLIN SMITH CHRISTINE TISCARENO

Source ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG MF-AGG MF-AGG REG

Recommendation market perform buy reduce overweight underweight market perform buy buy outperform buy overweight hold buy Equalwt/In-Line buy neutral buy outperform hold buy neutral buy buy hold not rated hold hold

Amt Held 299'944'409 190'215'159 151'294'420 92'522'996 88'021'023 58'028'458 54'024'002 46'954'362 43'490'791 41'980'727 36'504'506 31'885'730 28'604'365 25'077'899 22'150'138 19'626'812 17'748'060 16'558'440 15'753'161 14'671'783

% Out 7.77 4.93 3.92 2.4 2.28 1.5 1.4 1.22 1.13 1.09 0.95 0.83 0.74 0.65 0.57 0.51 0.46 0.43 0.41 0.38

Weighting

Change

3 5 2 5 1 3 5 5 5 5 5 3 5 3 5 3 5 5 3 5 3 5 5 3 #N/A N/A 3 3

M M M M M M M N M M M M M M M M M M M M M M M M M N D

Latest Chg (30'560'568) 211'803 3'696'588 486'044 29'616 621'383 (631'069) 2'864'098 (7'434'748) 974'555 3'591'933 (250'000) (71'901) (50'509) 308'395 15'753'161 (124'558)

Target Price 2'200 2'322 2'034 #N/A N/A 2'200 #N/A N/A 2'700 #N/A N/A 2'520 2'485 2'410 #N/A N/A 2'650 2'320 2'550 2'200 2'450 2'500 2'259 #N/A N/A 2'350 #N/A N/A 2'580 2'400 #N/A N/A 2'500 2'315

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 26.09.2013 31.12.2012 31.08.2013 01.07.2013 27.09.2013 01.07.2013 31.07.2013 28.06.2013 27.09.2013 01.07.2013 01.07.2013 30.06.2013 31.08.2013 01.07.2013 31.07.2013 01.07.2013 31.07.2013 30.04.2013 01.07.2013

Date 12 month 12 month 6 month Not Provided 3 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month

Inst Type Unclassified Investment Advisor Government Unclassified Unclassified Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 23.09.2013 18.09.2013 12.09.2013 05.09.2013 02.09.2013 28.08.2013 22.08.2013 22.08.2013 20.08.2013 15.08.2013 13.08.2013 07.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 19.07.2013 04.12.2012 27.09.2012 03.10.2011

30.09.2013

GlaxoSmithKline PLC GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (19.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSK LN EQUITY YTD Change GSK LN EQUITY YTD % CHANGE

12/2012 06/yy 1'816.00 1'314.00 3'780'683.00 1561 -14.01% 18.80% 50.70% 4'888.7 76'311.86 18'302.00 0.0 937.0 4'265.00 92'890.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 24'352.0 3.17x 9'115.0 8.47x 4'602.0 14.50x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 o-12

31.12.2009 31.12.2010 28'368.0 28'392.0 2.77x 2.61x 11'117.0 6'932.0 7.08x 10.70x 5'531.0 1'634.0 12.09x 38.59x Profitability

LTM-4Q 31.12.2011 27'387.0 3.07x 10'017.7 8.39x 5'261.0 14.06x

31.12.2012 26'431.0 3.04x 10'615.3 7.58x 4'565.0 14.36x 10'615.30 9'170.30 34.70% 25.32% 9.45% 59.35% 18.54% 0.63% 71.8% 37.5% 29.7% 17.3% 0.99 0.61 44.13% 315.01% 1.95

Price/ Cash Flow

LTM

06/yy 27'184.0 11.81x 9'453.0 8.61x 5'176.0 13.89x

06/yy 26'418.0 13.03x 9'911.0 9.73x 3'992.0 20.06x

FY+1

4.87 0.71 4'616.82 14.94% 21.26% 0.711 30 3.400 7'879'555 6'996'232 6'348'261 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26'984.9 27'984.4 6'780.4 7'067.4 3.33x 3.18x 9'519.0 10'160.3 2'551.0 2'771.0 9.76x 9.14x 5'591.2 6'070.1 1'386.0 1'588.0 13.53x 12.34x 13.22x 12.89x S&P Issuer Ratings

18.02.2008 A+ STABLE 18.02.2008 A-1 13.14 11.84 1.59 1.88 315.0% 73.1% 0.63 3.00 187.14 124.87

Sales/Revenue/Turnover

25.00

30'000.0 25'000.0

20.00

20'000.0 15.00

15'000.0 10.00

10'000.0

5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

GlaxoSmithKline PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL INVESCO LTD SCOTTISH WIDOWS CAPITAL GROUP COMPAN PERPETUAL INVESTMENT VANGUARD GROUP INC NORGES BANK INVESTME NORGES BANK FIL LIMITED FRANKLIN RESOURCES STATE STREET CORP PRUDENTIAL PLC UBS AG NEWTON INV MGMT SUN LIFE FINANCIAL I PEOPLES REPUBLIC OF DODGE & COX WORLDWID THREADNEEDLE AXA

Firm Name Sanford C. Bernstein & Co AlphaValue Panmure Gordon & Co Limited Bryan Garnier & Cie Helvea Barclays Exane BNP Paribas Deutsche Bank Jefferies Societe Generale Leerink Swann & Co Berenberg Bank S&P Capital IQ Shore Capital Stockbrokers Credit Suisse JPMorgan Natixis Day by Day Hamburger Sparkasse Cenkos Securities Ltd Independent Research GmbH Landesbank Baden-Wuerttemberg Kepler Cheuvreux EVA Dimensions UBS Redburn Partners Liberum Capital Ltd Goldman Sachs Cyrrus Mirabaud Securities MP Advisors Pvt Ltd First Global Stockbroking

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst TIMOTHY M ANDERSON ARMELLE MOULIN SAVVAS NEOPHYTOU ERIC LE BERRIGAUD ODILE RUNDQUIST MARK PURCELL FLORENT CESPEDES MARK CLARK JEFFREY HOLFORD STEPHEN MCGARRY SEAMUS FERNANDEZ ALISTAIR CAMPBELL SHO MATSUBARA BRIAN WHITE KERRY HOLFORD JAMES D GORDON PHILIPPE LANONE VALERIE GASTALDY MARCO GUENTHER NAVID MALIK CHRISTOPH SCHOENDUBE TIMO KUERSCHNER FABIAN WENNER TIMOTHY STANISH ANDREW WHITNEY TEAM COVERAGE NARESH CHOUHAN KEYUR PAREKH TOMAS MENCIK NICHOLAS TURNER VISHAL MANCHANDA KAVITA THOMAS

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG

Recommendation market perform sell buy neutral hold equalweight underperform buy hold buy market perform buy sell buy neutral neutral neutral buy hold buy hold hold buy hold neutral neutral hold neutral/neutral hold buy outperform market perform

Amt Held 271'061'000 199'157'242 196'610'906 150'301'277 149'918'516 139'489'742 120'548'689 115'208'137 114'425'878 112'062'901 91'996'990 91'808'108 76'685'874 73'620'883 69'380'765 68'939'885 66'513'616 62'449'823 62'294'467 58'702'551

% Out 5.54 4.07 4.02 3.07 3.07 2.85 2.47 2.36 2.34 2.29 1.88 1.88 1.57 1.51 1.42 1.41 1.36 1.28 1.27 1.2

Weighting

Change 3 1 5 3 3 3 1 5 3 5 3 5 1 5 3 3 3 5 3 5 3 3 5 3 3 3 3 3 3 5 5 3

M M M M M M M M M M M M M M M U M M U M M M M U M M U M M M M R

Latest Chg (517'183) 1'630'171 5'975'844 10'689'400 1'809'167 1'306'873 (21'446) 11'077'079 (3'463'075) 4'269 (6'390'814) (8'401'306) (1'147'509) 8'174'724 9'874'025 1'315'302 3'973'187

Target Price 1'755 1'440 1'850 1'870 1'710 1'555 1'600 1'850 1'750 2'000 1'836 1'845 1'400 #N/A N/A 1'670 1'900 1'700 1'781 #N/A N/A 1'933 1'750 1'650 1'900 #N/A N/A 1'745 #N/A N/A 1'600 1'740 1'420 1'640 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.07.2013 27.09.2013 31.08.2013 01.07.2013 30.08.2013 01.07.2013 01.07.2013 31.12.2012 01.07.2013 31.08.2013 27.09.2013 01.07.2013 27.09.2013 01.07.2013 31.07.2013 01.07.2013 31.03.2013 31.07.2013 01.07.2013

Date 12 month 6 month Not Provided 6 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 9 month Not Provided 3 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Government Government Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 17.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 09.09.2013 05.09.2013 28.08.2013 14.08.2013 13.08.2013 12.08.2013 05.08.2013 29.07.2013 25.07.2013 24.07.2013 24.07.2013 17.07.2013 17.06.2013 14.06.2013 10.06.2013 17.05.2013 05.04.2012 02.04.2012 13.01.2012 23.08.2011

30.09.2013

Total SA Total SA explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (17.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FP FP EQUITY YTD Change FP FP EQUITY YTD % CHANGE

12/2012 06/yy 43.79 35.18 1'633'699.00 42.91 -1.96% 21.99% 98.72% 2'376.7 101'985.71 33'290.00 0.0 1'281.0 17'031.00 124'243.71

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 160'331.0 0.62x 29'887.0 3.32x 10'590.0 8.21x

50 45 40 35 30 25 20 15 10 5 0 o-12

31.12.2009 31.12.2010 112'153.0 140'476.0 1.03x 0.74x 22'234.0 28'045.0 5.22x 3.72x 8'447.0 10'571.0 11.87x 8.38x Profitability

LTM-4Q 31.12.2011 166'550.0 0.65x 32'919.0 3.28x 12'276.0 7.23x

31.12.2012 182'299.0 0.58x 32'343.0 3.27x 10'694.0 8.23x 32'343.00 21'862.00 11.99% 13.11% 5.60% 13.30% 9.43% 1.04% 17.1% 11.4% 5.9% 1.38 0.74 19.37% 45.66% 9.02 -

Price/ Cash Flow

LTM

FY+1

5.50 0.86 2'045.62 18.04% 15.07% 0.860 34 4.206 5'241'466 4'634'791 4'171'695 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 175'834.0 177'386.0 181'947.5 188'685.0 43'852.5 40'841.5 2.28x 2.39x 0.67x 0.64x 2.82x 2.98x 31'821.0 30'393.0 31'956.6 33'714.4 9'424.0 9'481.0 3.10x 3.53x 3.88x 3.68x 3.33x 3.28x 10'790.0 9'521.0 11'591.8 12'034.0 3'226.5 3'263.0 7.43x 8.91x 8.48x 8.28x 8.19x 8.18x S&P Issuer Ratings Long-Term Rating Date 12.04.2011 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 13.09.1999 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 48.20 (EBITDA-Capex)/Interest Exp. 18.54 Net Debt/EBITDA 0.68 Total Debt/EBITDA 1.07 Reference Total Debt/Equity 45.7% Total Debt/Capital 31.0% Asset Turnover 1.04 Net Fixed Asset Turnover 2.51 Accounts receivable turnover-days 40.46 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

200'000.0 180'000.0

6.00

160'000.0

5.00

140'000.0 120'000.0

4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0 1.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Total SA Holdings By:

All

Holder Name AMUNDI TOTAL SA GROUPE BRUXELLES LAM QATAR HOLDINGS LLC NORGES BANK BLACKROCK NATIONALE A PORTEFEU VANGUARD GROUP INC AMUNDI FRANKLIN RESOURCES FIRST EAGLE INVESTME CAPITAL GROUP COMPAN FMR LLC NATIXIS ASSET MANAGE AVIVA PLC BANK OF NEW YORK MEL LBPAM THORNBURG INVESTMENT UBS AG DODGE & COX

Firm Name Sanford C. Bernstein & Co Exane BNP Paribas Deutsche Bank AlphaValue S&P Capital IQ Societe Generale Investec RBC Capital Markets Raymond James Macquarie Independent Research GmbH CM - CIC Securities(ESN) Oddo & Cie Canaccord Genuity Corp Kepler Cheuvreux Natixis Nomura Day by Day Barclays Morgan Stanley Simmons & Company International Tudor Pickering & Co JPMorgan Grupo Santander UBS Hamburger Sparkasse Jefferies Landesbank Baden-Wuerttemberg EVA Dimensions VTB Capital Goldman Sachs Banco Sabadell

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst OSWALD CLINT ALEJANDRO DEMICHELIS LUCAS HERRMANN ALEXANDRE ANDLAUER CHRISTINE TISCARENO IRENE HIMONA NEILL MORTON PETER HUTTON BERTRAND HODEE JASON D GAMMEL SVEN DIERMEIER JEAN-LUC ROMAIN AHMED BEN SALEM SAMUEL SIMON PETER OPPITZHAUSER ANNE PUMIR THEEPAN JOTHILINGAM VALERIE GASTALDY LYDIA RAINFORTH MARTIJN P RATS GUY BABER ROBERT KESSLER NITIN SHARMA JASON KENNEY JONATHON RIGBY INGO SCHMIDT IAIN REID JENS MUENSTERMANN DOUG WALTERS COLIN SMITH MICHELE DELLA VIGNA JORGE GONZALEZ SADORNIL

Source 13G 20F 20F Research Research ULT-AGG 20F ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation outperform outperform buy sell strong buy buy hold outperform outperform neutral hold buy buy buy buy buy buy buy equalweight Overwt/In-Line overweight accumulate overweight hold buy hold buy buy buy buy Sell/Cautious buy

Amt Held 180'919'481 108'732'635 94'636'768 47'275'059 47'038'683 37'115'841 33'122'869 25'178'731 22'406'254 17'113'676 13'107'361 12'428'800 10'863'198 10'566'114 10'279'015 10'151'303 7'843'202 7'564'200 7'135'265 6'918'600

% Out 7.61 4.57 3.98 1.99 1.98 1.56 1.39 1.06 0.94 0.72 0.55 0.52 0.46 0.44 0.43 0.43 0.33 0.32 0.3 0.29

Weighting

Change 5 5 5 1 5 5 3 5 5 3 3 5 5 5 5 5 5 5 3 5 5 4 5 3 5 3 5 5 5 5 1 5

M M M M U M M M M M U M M M M M M M U M M M M D M M M M M M M M

Latest Chg 559'401 268'077 (2'333'425) (167'127) 2'983'384 1'014'679 895'479 (7'965'265) 3'661'305 (3'635'391) 10'255 15'626 4'635 (77'688) 800'000

Target Price 52 48 45 37 48 48 43 46 47 42 47 54 50 45 49 48 45 45 47 47 #N/A N/A 45 49 46 44 #N/A N/A 48 45 #N/A N/A 50 42 47

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Corporation 31.12.2012 Holding Company 14.03.2012 Government 31.12.2011 Government 26.09.2013 Investment Advisor 31.12.2012 Private Equity 30.06.2013 Unclassified 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 30.08.2013 Investment Advisor 27.09.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor 27.09.2013 Unclassified 30.06.2013 Investment Advisor

Date 12 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 3 month Not Provided 12 month Not Provided Not Provided 9 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month

Date 30.09.2013 30.09.2013 27.09.2013 26.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 19.09.2013 17.09.2013 28.08.2013 14.08.2013 30.07.2013 29.07.2013 26.07.2013 06.06.2013 15.05.2013 20.03.2013 15.02.2013

30.09.2013

Sanofi Sanofi is a global pharmaceutical company that researches, develops and manufactures prescription pharmaceuticals and vaccines. The Company develops cardiovascular, thrombosis, metabolic disorder, central nervous system, internal medicine and oncology drugs, and vaccines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAN FP EQUITY YTD Change SAN FP EQUITY YTD % CHANGE

12/2012 06/yy 87.03 65.63 802'687.00 74.9 -13.89% 14.12% 44.30% 1'326.9 99'384.84 14'531.00 0.0 134.0 6'381.00 109'992.84

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 29'306.0 32'367.0 2.61x 1.99x 12'805.0 13'156.0 5.97x 4.90x 5'265.0 5'467.0 14.13x 11.42x Profitability

8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-12

LTM-4Q 31.12.2011 33'389.0 2.59x 12'593.0 6.88x 5'693.0 13.17x

31.12.2012 34'947.0 2.94x 12'384.0 8.30x 4'967.0 18.99x 12'384.00 7'787.00 22.28% 17.94% 3.44% 6.09% 5.46% 0.34% 68.2% 33.5% 19.3% 14.2% 1.65 1.00 14.47% 25.34% 4.25 1.63

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 34'642.0 5.12x 9'570.0 0.00x 6'431.0 12.32x

06/yy 33'628.0 6.51x 7'976.0 0.00x 3'417.0 30.86x

a-13 m-13

j-13

a-13

s-13

FY+1

0.75 1'188.18 16.65% 8.41% 0.753 35 4.343 2'039'902 2'891'960 2'659'685 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'931.8 35'798.1 8'949.3 8'841.0 3.09x 2.85x 11'562.4 12'875.2 9.51x 8.54x 7'049.9 7'956.2 2'104.8 1'897.4 13.89x 12.30x 13.06x 12.71x S&P Issuer Ratings

03.05.2013 AA STABLE 18.02.2011 A-1+ 29.70 25.83 0.93 1.30 25.3% 20.2% 0.34 3.18 85.79 223.55 106.36 184.13

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

9.0 M

Fiscal Year Ended 31.12.2008 27'568.0 2.22x 9'940.0 6.16x 3'851.0 15.94x

100 90 80 70 60 50 40 30 20 10 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Sanofi Holdings By:

All

Holder Name L'OREAL SA NORGES BANK DODGE & COX WORLDWID BLACKROCK FMR LLC VANGUARD GROUP INC SANOFI EMP SAVINGS P DODGE & COX FIL LIMITED AMUNDI FRANKLIN RESOURCES NATIXIS ASSET MANAGE MORGAN STANLEY AVIVA PLC FIRST EAGLE INVESTME ALLIANZ ASSET MANAGE LBPAM DEUTSCHE BANK AG BANK OF NEW YORK MEL AMUNDI

Firm Name Sanford C. Bernstein & Co Berenberg Bank AlphaValue Deutsche Bank Helvea Exane BNP Paribas Day by Day Redburn Partners Oddo & Cie Bryan Garnier & Cie Societe Generale Hamburger Sparkasse CM - CIC Securities(ESN) Barclays EVA Dimensions Morgan Stanley Credit Suisse Leerink Swann & Co S&P Capital IQ Jefferies Goldman Sachs JPMorgan Independent Research GmbH UBS Kepler Cheuvreux Natixis Landesbank Baden-Wuerttemberg Intermonte Securities SpA Liberum Capital Ltd Mirabaud Securities Banco Sabadell National Bank AG Nord/LB Cyrrus MP Advisors Pvt Ltd

Portfolio Name n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst TIMOTHY M ANDERSON ALISTAIR CAMPBELL ARMELLE MOULIN RICHARD J PARKES ODILE RUNDQUIST VINCENT MEUNIER VALERIE GASTALDY TEAM COVERAGE SEBASTIEN MALAFOSSE ERIC LE BERRIGAUD STEPHEN MCGARRY MARCO GUENTHER ARSENE GUEKAM MARK PURCELL TIMOTHY STANISH PETER VERDULT LUISA HECTOR SEAMUS FERNANDEZ SHO MATSUBARA JEFFREY HOLFORD KEYUR PAREKH RICHARD VOSSER CHRISTOPH SCHOENDUBE ANDREW WHITNEY FABIAN WENNER PHILIPPE LANONE TIMO KUERSCHNER ZHANG YANGMEI NARESH CHOUHAN NICHOLAS TURNER MARTA DIAZ STEFFEN MANSKE THORSTEN STRAUSS TOMAS MENCIK VISHAL MANCHANDA

Source 20F MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG 20F MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation outperform buy add buy buy outperform buy buy buy buy buy hold hold overweight hold Overwt/Attractive neutral outperform buy buy neutral/neutral overweight hold buy hold neutral buy buy hold neutral buy buy hold hold market perform

Amt Held 118'227'307 31'319'685 30'181'783 26'853'200 21'748'299 18'432'990 17'191'116 16'598'982 16'044'481 14'744'957 10'869'805 7'350'443 6'845'541 6'586'812 5'965'946 4'939'633 4'682'226 4'505'620 4'230'552 3'854'683

% Out 8.91 2.36 2.27 2.02 1.64 1.39 1.3 1.25 1.21 1.11 0.82 0.55 0.52 0.5 0.45 0.37 0.35 0.34 0.32 0.29

Weighting

Change 5 5 4 5 5 5 5 5 5 5 5 3 3 5 3 5 3 5 5 5 3 5 3 5 3 3 5 5 3 3 5 5 3 3 3

M M M M M M U M M M M U M U U M M M M M M M M M M M M M M D M M M M M

Latest Chg 54'953 133'312 (601'201) (350'000) 229'816 407'364 (965'968) 542'686 (64'764) (7'639) (30'300) 716'336 (135'315) 54'697 200'135 (103'617)

Target Price 86 92 80 95 83 85 81 #N/A N/A 87 88 91 #N/A N/A 76 81 #N/A N/A 95 80 83 86 100 85 88 83 89 80 85 85 86 80 83 80 78 #N/A N/A 60 52

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 Corporation 31.12.2012 Government 31.03.2013 Investment Advisor 26.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.01.2013 n/a 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 30.08.2013 Investment Advisor 30.08.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 31.08.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor 27.09.2013 Investment Advisor 30.08.2013 Investment Advisor

Date 12 month Not Provided 6 month 12 month 12 month Not Provided 3 month Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 9 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 27.09.2013 27.09.2013 26.09.2013 25.09.2013 24.09.2013 20.09.2013 19.09.2013 19.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 10.09.2013 20.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 17.07.2013 28.06.2013 22.03.2013 15.02.2013 13.02.2013 11.12.2012 05.04.2012 08.02.2012

30.09.2013

British American Tobacco PLC British American Tobacco PLC is the holding company for a group of companies that manufacture, market and sell cigarettes and other tobacco products, including cigars and roll-your-own tobacco.

Price/Volume 4000

9.0 M

3500

8.0 M

3000

7.0 M 6.0 M

2500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.05.2013) 52-Week Low (02.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BATS LN EQUITY YTD Change BATS LN EQUITY YTD % CHANGE

12/2012 12/yy 3'807.50 3'060.50 575'666.00 3267.5 -14.16% 6.76% 31.39% 1'899.4 62'062.87 10'719.00 0.0 307.0 2'107.00 73'223.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 14'208.0 14'883.0 3.52x 3.90x 5'091.0 5'888.0 9.82x 9.87x 2'713.0 2'879.0 14.72x 16.97x Profitability

3.0 M

1000

2.0 M

500

1.0 M

0 o-12

.0 M n-12

LTM-4Q 31.12.2011 15'399.0 4.56x 6'316.0 11.12x 3'095.0 19.45x

31.12.2012 15'190.0 4.75x 6'143.0 11.75x 3'841.0 15.76x 6'143.00 5'668.00 37.31% 37.18% 14.42% 55.73% 23.35% 0.56% 40.8% 37.6% 25.3% 1.13 0.52 39.22% 143.46% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

12/yy 9'866.0 8.70x 873.0 0.00x 2'130.0 18.69x

12/yy 12'122.0 7.34x 0.0 0.00x 2'457.0 14.60x

a-13 m-13

j-13

a-13

s-13

FY+1

4.21 0.78 1'897.76 6.93% 8.93% 0.783 28 4.036 1'785'052 2'580'221 2'484'622 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 15'422.1 15'820.1 4.63x 4.53x 6'335.1 6'641.6 11.56x 11.03x 4'208.5 4'445.0 14.83x 13.78x S&P Issuer Ratings

09.11.2012 ASTABLE 16.05.2003 A-2 12.16 10.85 1.74 2.02 143.5% 57.9% 0.56 4.98 -

Sales/Revenue/Turnover

20.00

18'000.0

18.00

16'000.0

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

4.0 M

1500

Fiscal Year Ended 31.12.2008 12'122.0 3.84x 3'978.0 11.69x 2'457.0 14.60x

5.0 M

2000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

British American Tobacco PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK REINET INVESTMENTS S INVESCO LTD CAPITAL GROUP COMPAN SCOTTISH WIDOWS VANGUARD GROUP INC MORGAN STANLEY FRANKLIN RESOURCES CREDIT SUISSE AG PERPETUAL INVESTMENT ABERDEEN STATE STREET CORP FIL LIMITED PRUDENTIAL PLC UBS AG BARCLAYS GLOBAL INVE Northern Cross Inter HARBOR CAPITAL ADVIS THREADNEEDLE

Firm Name Oriel Securities Ltd AlphaValue Exane BNP Paribas Canaccord Genuity Corp Jefferies Redburn Partners Societe Generale Berenberg Bank Credit Suisse Renaissance Capital Natixis Nomura Panmure Gordon & Co Limited Morgan Stanley Investec Macquarie Goldman Sachs Avior Research Independent Research GmbH Deutsche Bank S&P Capital IQ Barclays JPMorgan Day by Day UBS EVA Dimensions Imara

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst CHRIS WICKHAM ISABELLE COMBEMALE JAMES BUSHNELL EDDY HARGREAVES DIRK VAN VLAANDEREN CHRISTIAN DE ROUALLE CHAS MANSO DE ZUNIGA ERIK BLOOMQUIST ROGERIO FUJIMORI REY WIUM NICOLAS LANGLET DAVID HAYES DAMIAN MCNEELA MATTHEW GRAINGER MARTIN DEBOO WYNAND VAN ZYL FULVIO CAZZOL RICHARD TESSENDORF LARS LUSEBRINK HAROLD THOMPSON CARL SHORT SIMON HALES RAE MAILE VALERIE GASTALDY JONATHAN LEINSTER CRAIG STERLING RICHARD CLARKE

Source ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG MF-AGG ULT-AGG

Recommendation hold add outperform sell buy neutral hold buy outperform hold buy buy buy Equalwt/Attractive hold neutral buy/attractive neutral hold buy hold overweight overweight hold buy overweight sell

Amt Held 156'848'836 132'816'502 76'518'264 72'383'353 67'759'582 54'390'224 52'074'497 51'048'140 42'890'939 40'352'339 40'036'620 36'239'699 31'932'943 31'681'389 25'576'533 25'120'446 21'977'479 20'489'760 19'154'821 16'728'625

% Out 8.26 6.99 4.03 3.81 3.57 2.86 2.74 2.69 2.26 2.12 2.11 1.91 1.68 1.67 1.35 1.32 1.16 1.08 1.01 0.88

Weighting

Change 3 4 5 1 5 3 3 5 5 3 5 5 5 3 3 3 5 3 3 5 3 5 5 3 5 5 1

M M M M M M M M M M M M M M U M M M M M M M M M M M N

Latest Chg 494'876 (7'785'406) 616'324 535'150 1'543'386 10'441 (3'240'863) (3'270'569) 543'657 (618'784) 151'471 (609'588) (1'827'714) 830'928 509'084 463'153 660'294

Target Price 3'700 3'746 3'700 3'000 3'800 #N/A N/A 3'550 3'850 3'700 3'453 3'900 4'100 3'900 3'700 3'580 3'671 4'280 3'953 3'700 3'600 3'760 3'950 4'209 #N/A N/A 3'850 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 26.09.2013 03.06.2013 27.09.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 03.06.2013 30.08.2013 31.08.2013 27.09.2013 03.06.2013 30.06.2013 27.09.2013 28.06.2013 03.06.2013 30.06.2013 31.07.2013

Date Not Provided 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 3 month Not Provided 12 month Not Provided Not Provided

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Investment Advisor Unclassified

Date 30.09.2013 26.09.2013 25.09.2013 23.09.2013 19.09.2013 19.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 21.08.2013 12.08.2013 11.08.2013 07.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 15.07.2013 26.06.2013 06.06.2013 17.05.2011

30.09.2013

Bayer AG Bayer AG produces and markets healthcare and agricultural products, and polymers. The Company manufactures products that include aspirin, antibiotics, anti-infectives, and cardiovascular, oncology, and central nervous system drugs, over-the-counter medications, diagnostics, animal health products, crop protection products, plastics, and polyurethanes.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAYN GY EQUITY YTD Change BAYN GY EQUITY YTD % CHANGE

12/2012 06/yy 91.03 64.65 659'401.00 87.35 -4.04% 35.11% 86.58% 826.9 72'233.89 9'532.00 0.0 100.0 2'551.00 81'160.89

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 31'168.0 35'088.0 1.80x 1.53x 7'695.0 8'900.0 7.30x 6.04x 1'359.0 1'301.0 32.92x 35.22x Profitability

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-12

LTM-4Q 31.12.2011 36'528.0 1.32x 8'963.0 5.36x 2'470.0 16.52x

31.12.2012 39'760.0 1.67x 9'001.0 7.39x 2'446.0 24.29x 9'001.00 6'041.00 15.19% 8.17% 5.50% 15.33% 0.76% 52.1% 23.2% 16.0% 6.2% 1.45 0.76 18.57% 51.61% 4.58 2.77

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 38'081.0 5.12x 9'332.0 5.86x 2'560.0 18.24x

06/yy 40'153.0 6.96x 9'296.0 8.24x 2'903.0 23.30x

a-13 m-13

j-13

a-13

s-13

FY+1

0.99 801.82 33.83% 24.41% 0.987 37 4.027 1'632'000 1'871'079 1'830'159 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 40'846.7 43'095.1 9'972.8 10'369.0 1.92x 1.77x 8'519.5 9'378.8 1'848.0 2'050.5 9.51x 8.64x 4'587.0 5'221.9 847.5 1'094.0 15.20x 13.47x S&P Issuer Ratings

30.04.2008 APOS 11.07.2006 A-2 12.11 9.52 0.95 1.22 51.6% 33.9% 0.76 4.06 79.64 131.78 70.17 119.75

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

7.0 M

Fiscal Year Ended 31.12.2008 32'918.0 1.40x 6'702.0 6.86x 1'719.0 18.72x

100 90 80 70 60 50 40 30 20 10 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Bayer AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN SEB UBS AG CREDIT SUISSE GROUP NORGES BANK FMR LLC VANGUARD GROUP INC DODGE & COX SUN LIFE FINANCIAL I MORGAN STANLEY DEKABANK DEUTSCHE GI DEUTSCHE BANK AG BANK OF NEW YORK MEL ALLIANZ ASSET MANAGE UNION INVESTMENT GMB BNP PARIBAS SOCIETE GENERALE SA T ROWE PRICE ASSOCIA FIL LIMITED

Firm Name Sanford C. Bernstein & Co AlphaValue Day by Day Helvea Exane BNP Paribas Equinet Institutional Services(ESN) Barclays Bryan Garnier & Cie Jefferies Deutsche Bank Macquarie Societe Generale Landesbank Baden-Wuerttemberg DZ Bank AG Morgan Stanley Hamburger Sparkasse Berenberg Bank Kepler Cheuvreux Commerzbank Corporates & Markets Goldman Sachs Credit Suisse JPMorgan Independent Research GmbH Natixis Liberum Capital Ltd Nord/LB M.M. Warburg Investment Research Bankhaus Metzler S&P Capital IQ Main First Bank AG Ahorro Corporacion Financiera SA Redburn Partners EVA Dimensions Nomura National Bank AG UBS Banco Sabadell

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst JEREMY REDENIUS MARTIN SCHNEE VALERIE GASTALDY ODILE RUNDQUIST FLORENT CESPEDES MARIETTA MIEMIETZ MARK PURCELL MARTIAL DESCOUTURES JEFFREY HOLFORD TIM RACE CHRISTIAN FAITZ STEPHEN MCGARRY ULLE WORNER PETER SPENGLER AMY WALKER MARCO GUENTHER ALISTAIR CAMPBELL FABIAN WENNER DANIEL WENDORFF STEVE CHESNEY JOHANNA WALTON RICHARD VOSSER CHRISTOPH SCHOENDUBE BEATRICE MUZARD NARESH CHOUHAN THORSTEN STRAUSS ULRICH HUWALD SEBASTIAN FRERICKS SHO MATSUBARA RONALD KOEHLER JOSE VALLE TEAM COVERAGE TIMOTHY STANISH JEAN DE WATTEVILLE EKKEHARD D LINK ANDREW WHITNEY MARTA DIAZ

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG Research MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG Research MF-AGG ULT-AGG

Recommendation market perform reduce buy hold outperform accumulate equalweight buy buy buy outperform sell buy buy Equalwt/Attractive hold hold hold buy Buy/Neutral outperform overweight hold buy buy sell hold buy buy outperform buy neutral overweight not rated hold neutral buy

Amt Held 70'955'351 70'759'889 41'431'997 24'980'019 20'623'972 19'085'378 14'659'626 11'899'744 10'591'070 10'415'990 10'217'170 8'727'331 7'794'629 6'641'101 5'316'450 4'911'757 4'702'366 4'502'247 3'999'285 3'528'261

% Out 8.58 8.56 5.01 3.02 2.49 2.31 1.77 1.44 1.28 1.26 1.24 1.06 0.94 0.8 0.64 0.59 0.57 0.54 0.48 0.43

Weighting

Change

3 2 5 3 5 4 3 5 5 5 5 1 5 5 3 3 3 3 5 5 5 5 3 5 5 1 3 5 5 5 5 3 5 #N/A N/A 3 3 5

M M M M M M M M M M M M M M M M D M M M M M M M M M M M M M M M M M M M N

Latest Chg 533'918 (743'466) (196'834) 47'203 (72'770) 216'614 (288'800) 374'099 (41'508) (441'999) (317'621) (13'035) 60'812 (27'066) (555'211) 80'895 (70'251)

Target Price 78 85 95 90 94 94 85 98 98 99 98 79 97 95 95 #N/A N/A 97 84 97 105 95 100 91 98 110 69 89 87 96 90 91 #N/A N/A #N/A N/A #N/A N/A 80 82 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.07.2013 26.04.2013 27.09.2013 15.05.2013 31.12.2012 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.09.2013 31.07.2013 27.09.2013 31.08.2013 31.07.2013 31.08.2013 10.05.2013 30.06.2013 30.04.2013

Date 12 month 6 month 3 month 12 month Not Provided Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided 9 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Unclassified Unclassified Unclassified Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 25.09.2013 23.09.2013 19.09.2013 16.09.2013 16.09.2013 12.09.2013 10.09.2013 04.09.2013 04.09.2013 27.08.2013 16.08.2013 15.08.2013 14.08.2013 08.08.2013 06.08.2013 03.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 01.07.2013 24.06.2013 14.06.2013 06.06.2013 17.04.2013 12.04.2013 22.03.2013 05.03.2012

30.09.2013

Siemens AG Siemens AG is an engineering and manufacturing company. The Company focuses on four major business sectors including infrastructure and cities, healthcare, industry and energy. Siemens AG also provides engineering solutions in automation and control, power, transportation, and medical.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIE GY EQUITY YTD Change SIE GY EQUITY YTD % CHANGE

09/2012 06/yy 91.33 73.08 734'983.00 88.96 -2.62% 21.72% 91.78% 881.0 78'373.76 22'166.00 0.0 569.0 11'415.00 91'736.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.09.2008 77'327.0 0.82x 8'175.0 7.77x 5'725.0 34.66x

100 90 80 70 60 50 40 30 20 10 0 o-12

30.09.2009 30.09.2010 76'651.0 68'978.0 0.81x 1.09x 9'196.0 9'544.0 6.77x 7.87x 2'292.0 3'899.0 24.49x 16.42x Profitability

LTM-4Q 30.09.2011 73'275.0 0.92x 10'492.0 6.40x 6'145.0 8.24x

30.09.2012 78'296.0 1.00x 9'653.0 8.08x 4'458.0 13.50x

9'653.00 6'909.00 8.82% 9.30% 4.18% 15.19% 10.32% 0.72% 28.4% 11.3% 7.7% 5.7% 1.22 0.62 20.47% 72.12% 4.82 3.26

Price/ Cash Flow

LTM

06/yy 76'980.0 3.69x 9'726.0 6.83x 4'185.0 12.03x

06/yy 77'090.0 4.24x 8'702.0 9.39x 4'491.0 14.30x

FY+1

0.94 771.11 22.65% 15.81% 0.939 38 4.000 1'828'117 1'988'111 2'306'907 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 76'581.6 78'914.6 20'662.4 18'579.5 1.21x 1.14x 4.55x 5.16x 8'617.6 10'841.9 1'650.0 2'418.0 10.63x 8.45x 9.44x 8.52x 4'432.2 5'928.5 1'103.8 1'397.0 16.26x 12.74x 12.75x 11.99x S&P Issuer Ratings

05.06.2009 A+ STABLE 18.04.2011 A-1+ 21.45 16.55 1.48 2.62 72.1% 41.5% 0.72 7.37 75.68 111.86 48.72 120.05

Sales/Revenue/Turnover

14.00

100'000.0 90'000.0

12.00

80'000.0

10.00

70'000.0 60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.10.2009

10'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Siemens AG Holdings By:

All

Holder Name BLACKROCK SIEMENS FAMILY QATAR HOLDINGS LLC SIEMENS AG NORGES BANK VANGUARD GROUP INC UBS AG CAPITAL GROUP COMPAN DEKABANK DEUTSCHE GI DEUTSCHE BANK AG FRANKLIN RESOURCES DB PLATINUM ADVISORS UNION INVESTMENT GMB ALLIANZ ASSET MANAGE AMUNDI FMR LLC MERCURY ASSET MANAGE FIL LIMITED BNP PARIBAS FRANKFURT TRUST INVE

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Exane BNP Paribas OLIVIER ESNOU RBC Capital Markets ANDREW CARTER Nomura DANIEL CUNLIFFE JPMorgan ANDREAS WILLI National Bank AG EKKEHARD D LINK Morgan Stanley BEN UGLOW AlphaValue HEINZ STEFFEN Day by Day VALERIE GASTALDY Canaccord Genuity Corp ANDREW BELL Espirito Santo Investment Bank Research ROB VIRDEE Societe Generale GAEL DE BRAY Deutsche Bank PETER REILLY Barclays JAMES STETTLER HSBC MICHAEL HAGMANN Kepler Cheuvreux HANS-JOACHIM HEIMBUERGER EVA Dimensions TIMOTHY STANISH Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL William Blair & Co NICHOLAS P HEYMANN Credit Suisse SIMON TOENNESSEN DZ Bank AG JASKO TERZIC Baader Bank GUENTHER MICHAEL HOLLFELDER Landesbank Baden-Wuerttemberg VOLKER STOLL Nord/LB WOLFGANG DONIE Independent Research GmbH MARKUS FRIEBEL Hamburger Sparkasse MARCO GUENTHER S&P Capital IQ UNAI FRANCO Redburn Partners JAMES MOORE Main First Bank AG CHRISTOPHER YOUL Goldman Sachs DANIELA COSTA Bankhaus Metzler ULRICH TRABERT Berenberg Bank WILLIAM MACKIE Natixis ARNAUD SCHMIT Spin-Off Research TEAM COVERAGE Banco Sabadell FRANCISCO JOSE RODRIGUEZ UBS FREDRIC STAHL SRH AlsterResearch OLIVER DREBING Langenberg & Co BRIAN KEITH LANGENBERG

Source ULT-AGG Research Research Research MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation outperform sector perform buy neutral hold Overwt/Cautious reduce hold hold neutral buy buy overweight neutral buy hold add market perform outperform hold buy hold hold hold buy hold neutral outperform neutral/neutral buy buy not rated hold buy buy buy buy

Amt Held 58'492'501 54'852'206 27'758'338 26'820'674 20'908'158 13'033'963 8'283'672 7'482'100 6'464'669 6'232'647 5'643'625 5'170'870 4'686'512 3'349'550 3'200'095 2'833'230 2'559'203 2'056'539 1'876'127 1'821'925

% Out 6.64 6.23 3.15 3.04 2.37 1.48 0.94 0.85 0.73 0.71 0.64 0.59 0.53 0.38 0.36 0.32 0.29 0.23 0.21 0.21

Weighting

Change

5 3 5 3 3 5 2 3 3 3 5 5 5 3 5 3 4 3 5 3 5 3 3 3 5 3 3 5 3 5 5 #N/A N/A 3 5 5 5 5

M M M M M M M M M M M M U M M U M M M M M D M M M M M M M M M M M M M M M

Latest Chg 245'443 (192'774) (110'634) (2'112'700) (59'727) 1'965'989 (92'858) 4'928'947 332'271 470'431 (2'141'123) 272'315 13'074 (157'559) 289'086 295'600

Target Price 102 83 102 98 82 97 90 #N/A N/A 80 90 100 95 100 90 100 #N/A N/A 84 83 95 83 90 90 85 82 83 88 #N/A N/A 93 80 87 95 #N/A N/A 83 87 85 89 97

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 10.11.2011 07.05.2012 08.10.2012 31.12.2012 30.06.2013 27.09.2013 30.06.2013 30.09.2013 31.07.2013 28.06.2013 31.07.2013 31.07.2013 31.08.2013 31.08.2013 31.07.2013 26.09.2013 30.04.2013 31.07.2013 28.06.2013

Date Not Provided 12 month Not Provided 15 month 12 month 12 month 6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor n/a Government Corporation Government Unclassified Unclassified Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 30.09.2013 26.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 16.09.2013 11.09.2013 09.09.2013 06.09.2013 05.09.2013 05.09.2013 28.08.2013 28.08.2013 26.08.2013 21.08.2013 09.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 30.07.2013 17.07.2013 09.07.2013 15.02.2013 31.01.2013 23.01.2013 12.10.2012

30.09.2013

Banco Santander SA Banco Santander SA attracts deposits and offers retail, commercial and private banking, and asset management services. The Bank offers consumer credit, mortgage loans, lease financing, factoring, mutual funds, pension funds, insurance, commercial credit, investment banking services, structured finance, and advice on mergers and acquisitions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAN SQ EQUITY YTD Change SAN SQ EQUITY YTD % CHANGE

12/2012 06/yy 6.68 4.79 35'235'392.00 5.973 -10.53% 24.67% 68.42% 11'092.1 66'253.17 420'024.00 0.0 9'672.0 192'388.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

700.0 M

600.0 M

500.0 M

400.0 M

300.0 M

200.0 M

100.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 70'114.3 8'876.4 5.74x

31.12.2009 31.12.2010 69'736.2 68'965.5 8'942.5 8'180.9 11.09x 8.39x Profitability

LTM-4Q 31.12.2011 78'009.0 5'351.0 9.18x

31.12.2012 77'159.0 2'205.0 26.44x 7.95% 7.35% 0.22% 3.85% 0.74% 0.03% 4.6% 33.08% 562.63% -

LTM

06/yy 43'979.0 0.00x 0.0 0.00x 3'577.0 13.18x

06/yy 41'610.0 0.00x 0.0 0.00x 2'756.0 18.04x

FY+1

1.16 10'881.12 14.57% 6.24% 1.164 40 2.950 59'399'420 59'948'260 81'338'900 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 41'088.5 42'959.8 10'087.0 10'208.0 4'841.7 6'394.4 1'407.0 1'406.0 13.92x 11.08x S&P Issuer Ratings

16.10.2012 BBB NEG 30.04.2012 A-2 562.6% 83.3% 0.03 2.48 -

Sales/Revenue/Turnover

90'000.0 80'000.0

1.00 0.80

70'000.0 60'000.0 50'000.0

0.60

40'000.0 30'000.0

0.40 0.20

20'000.0 10'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Banco Santander SA Holdings By:

All

Holder Name BNP PARIBAS SA NORGES BANK BLACKROCK VANGUARD GROUP INC DE LOS RIOS EMILIO B DODGE & COX BANCO SANTANDER SA CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS PRIVAT BANK PATRIMON AMUNDI BNP PARIBAS MERCURY ASSET MANAGE UBS AG FRANKLIN RESOURCES INVESCO LTD DEKABANK DEUTSCHE GI CREDIT SUISSE AG O'SHEA JAVIER BOTINSTATE STREET CORP

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a

Analyst

NMAS 1 Agencia de Valores FRANCISCO RIQUEL Exane BNP Paribas SANTIAGO LOPEZ DIAZ BPI CARLOS JOAQUIM PEIXOTO BBVA IGNACIO ULARGUI Bankia Bolsa (ESN) JAVIER BERNAT Natixis FREDERIC TESCHNER AlphaValue DAVID GRINSZTAJN Banco Sabadell MARIO LODOS Nomura DARAGH QUINN Deutsche Bank JASON NAPIER Oddo & Cie JULIE LEGRAND Morgan Stanley ALVARO SERRANO HSBC CARLO DIGRANDI Goldman Sachs JERNEJ OMAHEN Societe Generale CARLOS GARCIA GONZALEZ JPMorgan JAIME BECERRIL Credit Suisse IGNACIO CEREZO RBC Capital Markets PATRICK LEE Berenberg Bank NICK ANDERSON Barclays ROHITH CHANDRA-RAJAN Ahorro Corporacion Financiera SA IRMA GARRIDO Hamburger Sparkasse CHRISTIAN HAMANN Keefe, Bruyette & Woods ANTONIO RAMIREZ EVA Dimensions DOUG WALTERS Bankhaus Lampe NEIL SMITH Independent Research GmbH STEFAN BONGARDT Mediobanca SpA ANDREA FILTRI Macquarie BENJIE CREELAN-SANDFORD Landesbank Baden-Wuerttemberg INGO FROMMEN Interdin Bolsa JAVIER RUIZ-CAPILLAS S&P Capital IQ WILLIAM HOWLETT Redburn Partners GEORGE KARAMANOS Espirito Santo Investment Bank Research JUAN PABLO LOPEZ Day by Day VALERIE GASTALDY Makor Capital ALBERT SAPORTA UBS IGNACIO SANZ La Caixa DAVID FERNANDEZ Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Nord/LB MICHAEL SEUFERT Renta 4 SA SVB NURIA ALVAREZ Hammer Partners SA ENRICO RACIOPPI

Source EXCH MF-AGG ULT-AGG ULT-AGG EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG EXCH ULT-AGG

Recommendation neutral underperform neutral outperform hold reduce buy buy reduce hold buy Overwt/In-Line neutral neutral/neutral hold neutral neutral underperform sell underweight sell hold market perform buy sell hold underperform underperform hold buy sell neutral neutral hold buy neutral overweight restricted hold hold buy

Amt Held 317'600'714 229'355'687 197'861'338 161'069'923 79'291'178 78'001'217 74'306'648 62'980'304 61'394'251 54'995'669 51'844'179 48'259'341 34'125'536 32'628'616 28'196'365 25'279'047 20'537'140 19'536'957 16'282'411 15'345'202

% Out 2.86 2.07 1.78 1.45 0.71 0.7 0.67 0.57 0.55 0.5 0.47 0.44 0.31 0.29 0.25 0.23 0.19 0.18 0.15 0.14

Weighting

Change

3 1 3 5 3 2 5 5 2 3 5 5 3 3 3 3 3 1 1 1 1 3 3 5 1 3 1 1 3 5 1 3 3 3 5 3 5 #N/A N/A 3 3 5

M M M M M M M M M M M M M M M U M M M M M M M U D M M M M M M M M M N U D M M M M

Latest Chg (23'663'677) 375'705 8'901'773 7'442 8'057'177 1'797'991 61'394'251 31'967'355 8'645'722 174'378 (507'162) (429'313) (1'366'347) 5'366'493 196'929 1'228 128'705

Target Price 6 5 6 7 6 5 8 7 5 6 7 7 7 7 5 6 6 5 4 4 5 #N/A N/A 6 #N/A N/A 5 6 4 5 6 6 5 #N/A N/A 6 #N/A N/A #N/A N/A 6 6 #N/A N/A #N/A N/A 6 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 16.04.2013 31.12.2012 26.09.2013 30.06.2013 01.08.2013 30.06.2013 10.09.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.07.2013 26.09.2013 27.09.2013 31.08.2013 27.09.2013 30.09.2013 30.08.2013 01.08.2013 27.09.2013

Date 12 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 15 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Bank Government Investment Advisor Unclassified n/a Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Investment Advisor n/a Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 20.09.2013 17.09.2013 16.09.2013 11.09.2013 11.09.2013 05.09.2013 04.09.2013 02.09.2013 02.09.2013 29.08.2013 27.08.2013 23.08.2013 20.08.2013 16.08.2013 02.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 29.07.2013 18.07.2013 16.07.2013 04.07.2013 23.04.2013 20.03.2013 13.02.2013 23.10.2012 26.07.2012 28.06.2012

30.09.2013

BASF SE BASF SE is a chemical company. The Company operates in six segments: Chemicals, Plastics, Performance Products, Functional Solutions, Agricultural Solutions and Oil & Gas. BASF offers products for the chemical, automotive, construction, agriculture, oil, plastics, electrical / electronics, furniture and paper industries, and provides a range of system solutions and services.

Price/Volume 80 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAS GY EQUITY YTD Change BAS GY EQUITY YTD % CHANGE

12/2012 06/yy 76.39 62.05 1'202'484.00 70.52 -7.64% 13.65% 66.11% 918.5 64'771.11 12'798.00 0.0 1'010.0 1'661.00 78'193.11

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30 20 10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 62'304.0 0.62x 10'238.0 3.74x 2'912.0 8.86x

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

31.12.2009 31.12.2010 50'693.0 63'873.0 1.07x 1.09x 8'500.0 11'903.0 6.36x 5.85x 1'410.0 4'557.0 28.22x 12.04x Profitability

LTM-4Q 31.12.2011 73'497.0 0.84x 11'855.0 5.20x 6'188.0 8.00x

31.12.2012 72'129.0 1.07x 9'669.0 8.02x 4'819.0 13.55x 9'669.00 6'381.00 8.85% 8.29% 7.13% 18.59% 13.65% 1.18% 24.8% 13.1% 9.1% 6.7% 1.64 0.67 20.40% 52.00% 6.72 5.80

Price/ Cash Flow

LTM

06/yy 72'351.0 3.45x 11'258.0 5.54x 5'234.0 9.60x

06/yy 75'082.0 4.02x 9'857.0 7.79x 4'532.0 14.00x

FY+1

1.11 813.96 11.37% 2.76% 1.110 39 3.538 1'998'970 2'584'078 2'799'457 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 74'157.8 71'007.8 17'801.3 18'402.5 1.05x 1.07x 4.42x 4.22x 10'141.0 10'864.5 2'234.0 2'311.7 7.71x 7.19x 4'787.6 5'244.7 1'013.0 1'145.0 13.17x 12.00x S&P Issuer Ratings

10.05.2011 A+ STABLE 12.02.2009 A-1 13.35 7.81 1.26 1.49 52.0% 33.3% 1.18 4.39 54.33 62.97 32.21 85.23

Sales/Revenue/Turnover

12.00

80'000.0 70'000.0

10.00

60'000.0 8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

BASF SE Holdings By:

All

Holder Name BLACKROCK NORGES BANK CAPITAL GROUP COMPAN SEB AG VANGUARD GROUP INC DEUTSCHE BANK AG FMR LLC DB PLATINUM ADVISORS DEKABANK DEUTSCHE GI UNION INVESTMENT GMB ALLIANZ ASSET MANAGE AMUNDI ADIG INVESTMENT JP MORGAN BNP PARIBAS MERCURY ASSET MANAGE UBS AG FRANKFURT TRUST INVE SEB NEW YORK LIFE INVEST

Firm Name Sanford C. Bernstein & Co Canaccord Genuity Corp AlphaValue UBS Bankhaus Lampe Jefferies Baader Bank Equinet Institutional Services(ESN) Deutsche Bank Morgan Stanley JPMorgan HSBC Hamburger Sparkasse Macquarie Goldman Sachs Day by Day Exane BNP Paribas M.M. Warburg Investment Research Kepler Cheuvreux Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg DZ Bank AG Societe Generale Bankhaus Metzler Redburn Partners Barclays Nord/LB Credit Suisse Independent Research GmbH Nomura S&P Capital IQ Main First Bank AG EVA Dimensions Berenberg Bank Gilford Securities Banco Sabadell National Bank AG Steubing AG SRH AlsterResearch

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst JEREMY REDENIUS PAUL W SATCHELL MARTIN SCHNEE THOMAS GILBERT HEIKO FEBER LAURENCE ALEXANDER NORBERT BARTH NADESHDA DEMIDOVA TIMOTHY JONES PAUL RICHARD WALSH MARTIN EVANS GEOFF HAIRE MARCO GUENTHER CHRISTIAN FAITZ MICHAEL RAE VALERIE GASTALDY JAMES KNIGHT OLIVER SCHWARZ MARKUS MAYER LUTZ GRUETEN ULLE WORNER PETER SPENGLER PETER CLARK LARS HETTCHE TONY JONES ANDREAS HEINE THORSTEN STRAUSS CHRIS COUNIHAN CHRISTOPH SCHOENDUBE JEAN DE WATTEVILLE JACOB THRANE RONALD KOEHLER TIMOTHY STANISH JAIDEEP PANDYA PAUL C CHRISTOPHERSON GLEN SPENCER-CHAPMAN EKKEHARD D LINK TEAM COVERAGE OLIVER DREBING

Source ULT-AGG Research ULT-AGG Research ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation outperform sell reduce neutral buy hold buy hold buy Overwt/In-Line underweight overweight buy outperform Sell/Neutral buy outperform hold buy buy buy buy hold sell neutral overweight hold neutral hold neutral hold outperform hold hold neutral sell hold buy buy

Amt Held 63'927'154 27'715'437 16'676'000 12'879'295 12'487'374 11'916'182 8'052'439 7'248'759 6'696'815 6'377'307 6'224'755 3'224'267 3'179'430 3'042'286 3'029'479 2'827'730 2'654'970 2'458'610 2'086'640 2'024'615

% Out 6.96 3.02 1.82 1.4 1.36 1.3 0.88 0.79 0.73 0.69 0.68 0.35 0.35 0.33 0.33 0.31 0.29 0.27 0.23 0.22

Weighting

Change 5 1 2 3 5 3 5 3 5 5 1 5 5 5 1 5 5 3 5 5 5 5 3 1 3 5 3 3 3 3 3 5 3 3 3 1 3 5 5

M M M M M M M M M M M M M U M U M M M M M M M M M M M M M M M U M M U M M M M

Latest Chg 3'046'200 294'832 (335'284) (303'374) (222'398) (16'868) (439'057) (65'350) (3'152'762) 45'000 316'260 (703'206) 14'452 (30'970) (1'000) 248'150 196'938

Target Price 86 60 70 75 75 74 75 75 79 78 54 82 #N/A N/A 75 68 77 73 79 80 78 78 81 70 61 #N/A N/A 79 70 73 77 82 72 75 #N/A N/A 60 #N/A N/A 71 64 81 60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 19.06.2013 30.06.2013 29.04.2013 30.06.2013 31.07.2013 31.07.2013 24.09.2013 30.09.2013 31.07.2013 31.08.2013 31.08.2013 31.05.2013 31.07.2013 31.08.2013 26.09.2013 27.09.2013 28.06.2013 30.04.2013 31.07.2013

Date 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 15 month Not Provided Not Provided 12 month 12 month 3 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Government Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Unclassified Insurance Company

Date 27.09.2013 27.09.2013 26.09.2013 23.09.2013 23.09.2013 20.09.2013 16.09.2013 16.09.2013 15.09.2013 13.09.2013 13.09.2013 11.09.2013 10.09.2013 04.09.2013 30.08.2013 23.08.2013 22.08.2013 15.08.2013 13.08.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 01.07.2013 06.06.2013 15.04.2013 08.04.2013 15.02.2013 26.10.2012 05.01.2012 29.10.2010

30.09.2013

Price/Volume 2500

14.0 M 12.0 M

2000

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RDSB LN EQUITY YTD Change RDSB LN EQUITY YTD % CHANGE

12/2012 06/yy 2'374.50 2'092.50 1'998'140.00 2135.5 -10.04% 2.05% 18.97% 2'499.2 131'896.89 37'754.00 0.0 1'433.0 18'550.00 234'719.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

1000

6.0 M 4.0 M

500

2.0 M

0 o-12

31.12.2009 31.12.2010 278'188.0 368'056.0 0.76x 0.65x 29'079.0 41'839.0 7.28x 5.69x 12'518.0 20'127.0 14.87x 10.16x Profitability

LTM-4Q 31.12.2011 470'171.0 0.56x 55'943.0 4.73x 30'918.0 7.39x

31.12.2012 467'153.0 0.52x 52'114.0 4.65x 26'592.0 8.12x 52'114.00 37'499.00 8.03% 10.76% 6.86% 13.42% 11.73% 1.32% 15.2% 11.5% 7.2% 5.7% 1.18 0.61 10.48% 20.03% 6.83 13.38

Price/ Cash Flow

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

5.11 0.88 2'497.74 2.26% 2.07% 0.884 18 3.556 3'759'435 4'112'472 4'175'594 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 475'975.0 455'644.0 448'828.0 450'969.8 115'677.3 118'919.0 2.01x 2.05x 0.54x 0.54x 2.05x 2.06x 52'487.0 52'414.0 60'849.5 63'491.9 14'932.0 15'826.0 4.46x 4.29x 3.86x 3.70x 3.79x 3.79x 26'296.0 23'723.0 24'255.8 26'230.1 5'686.0 6'531.3 7.99x 8.45x 8.86x 8.43x 8.74x 8.49x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 06.03.1990 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 22.42 (EBITDA-Capex)/Interest Exp. 8.41 Net Debt/EBITDA 0.39 Total Debt/EBITDA 0.63 Reference Total Debt/Equity 20.0% Total Debt/Capital 16.6% Asset Turnover 1.32 Net Fixed Asset Turnover 2.71 Accounts receivable turnover-days 53.48 Inventory Days 27.28 Accounts Payable Turnover Day 69.49 Cash Conversion Cycle 22.13 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 458'361.0 0.37x 57'301.0 2.98x 26'277.0 6.16x

1500

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Royal Dutch Shell PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK VANGUARD GROUP INC CREDIT SUISSE AG SCOTTISH WIDOWS CAPITAL GROUP COMPAN NORGES BANK INVESTME PEOPLES REPUBLIC OF QATAR INVESTMENT AUT STATE STREET CORP PRUDENTIAL PLC AXA UBS AG ABERDEEN STANDARD LIFE INVEST FRANKLIN RESOURCES THREADNEEDLE BARCLAYS GLOBAL INVE BREWIN DOLPHIN LIMIT NEWTON INV MGMT

Firm Name Sanford C. Bernstein & Co Goldman Sachs JPMorgan Nomura Exane BNP Paribas EVA Dimensions Barclays Canaccord Genuity Corp Grupo Santander Morgan Stanley Societe Generale RBC Capital Markets Liberum Capital Ltd VTB Capital Deutsche Bank VSA Capital Ltd Natixis

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OSWALD CLINT MICHELE DELLA VIGNA FREDERICK G LUCAS THEEPAN JOTHILINGAM ALEJANDRO DEMICHELIS DOUG WALTERS RAHIM KARIM SAMUEL SIMON JASON KENNEY MARTIJN P RATS IRENE HIMONA PETER HUTTON ANDREW WHITTOCK COLIN SMITH LUCAS HERRMANN DOUGIE YOUNGSON ANNE PUMIR

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG MF-AGG REG REG

Recommendation market perform Buy/Cautious underweight neutral neutral buy overweight buy hold Equalwt/In-Line buy outperform hold hold hold not rated buy

Amt Held 189'404'755 169'732'143 91'859'138 90'302'687 84'271'957 73'734'073 60'912'105 45'831'136 44'703'170 44'170'243 43'528'747 43'512'477 40'052'906 38'190'671 32'953'132 32'673'563 30'790'847 29'009'861 26'911'800 24'621'539

% Out 7.58 6.79 3.68 3.61 3.37 2.95 2.44 1.83 1.79 1.77 1.74 1.74 1.6 1.53 1.32 1.31 1.23 1.16 1.08 0.99

Weighting

Change

3 5 1 3 3 5 5 5 3 3 5 5 3 3 3 #N/A N/A 5

M U M M M N M M U D M M M M M M M

Latest Chg (2'685'750) 1'105'984 2'002'540 10'743'809 (18'228'650) 1'350 3'213'253 (893'810) (1'538'711) 1'492'483 861'457 667'800 484'560 (4'169'783) (291'635) (143'054) (431'135)

Target Price 2'200 2'310 2'200 2'400 2'350 #N/A N/A 2'410 2'650 2'368 2'320 2'500 2'520 2'200 2'500 2'400 #N/A N/A 2'600

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 26.09.2013 01.07.2013 01.07.2013 31.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 27.09.2013 01.07.2013 01.07.2013 01.07.2013 31.08.2013 01.07.2013 31.08.2013 01.07.2013 28.06.2013 01.07.2013 01.07.2013

Date 12 month 12 month 3 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Unclassified Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Government Government Government Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 18.09.2013 05.09.2013 02.09.2013 30.08.2013 22.08.2013 15.08.2013 09.08.2013 08.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.07.2013 02.05.2013 01.02.2013

30.09.2013

Anheuser-Busch InBev NV Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager, stout, and bitter beer. Anheuser-Busch InBev owns brands that are both nationally and internationally prominent. The Company has production plants in Europe, the Americas, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABI BB EQUITY YTD Change ABI BB EQUITY YTD % CHANGE

12/2012 06/yy 79.60 63.44 532'132.00 73.83 -7.24% 16.38% 64.11% 1'607.2 118'662.88 44'341.00 0.0 4'299.0 13'878.00 208'492.48

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 23'507.0 4.07x 7'734.0 12.37x 1'927.0 11.99x

31.12.2009 31.12.2010 36'758.0 36'297.0 3.57x 3.70x 12'925.0 13'768.0 10.15x 9.76x 4'613.0 4'026.0 17.92x 22.61x Profitability

LTM-4Q 31.12.2011 39'046.0 3.49x 15'297.0 8.91x 5'855.0 16.71x

31.12.2012 39'758.0 4.37x 15'548.0 11.18x 7'243.0 19.15x 15'548.00 12'765.00 32.11% 28.05% 10.46% 30.77% 18.56% 0.32% 58.6% 38.8% 32.0% 18.2% 1.01 0.88 36.16% 107.78% 8.80 5.73

Price/ Cash Flow

LTM

06/yy 39'294.0 7.65x 15'940.0 10.30x 7'047.0 17.56x

06/yy 40'312.0 9.04x 16'406.0 11.61x 13'104.0 10.87x

FY+1

0.81 14.21% 14.96% 0.807 37 3.622 1'242'298 1'364'184 1'451'665 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 43'892.5 48'974.2 11'989.8 12'173.0 4.64x 4.05x 17'016.6 19'306.0 4'570.8 5'076.3 12.24x 10.79x 7'690.2 8'821.4 2'024.3 2'185.2 20.96x 18.32x S&P Issuer Ratings

01.05.2012 A STABLE 01.05.2012 A-1 7.53 5.95 2.78 3.22 107.8% 49.4% 0.32 2.23 41.47 63.73 265.22 -214.08

Sales/Revenue/Turnover

14.00

45'000.0

12.00

40'000.0 35'000.0

10.00

30'000.0

8.00

25'000.0

6.00

20'000.0 15'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Anheuser-Busch InBev NV Holdings By:

All

Holder Name STICHTING INBEV EUGENIE PATRI SEBAST BLACKROCK BRC SARL CAPITAL GROUP COMPAN NORGES BANK FMR LLC HARBOR CAPITAL ADVIS VANGUARD GROUP INC BNP PARIBAS VOORZITTER VERHELST INBEV-BAILLET LATOUR ARTISAN PARTNERS HOL ANHEUSER-BUSCH INBEV ALLIANZ ASSET MANAGE AMUNDI HARTFORD INVESTMENT T ROWE PRICE ASSOCIA THREADNEEDLE INVESCO LTD

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

AlphaValue ISABELLE COMBEMALE Sanford C. Bernstein & Co TREVOR STIRLING Exane BNP Paribas JAVIER GONZALEZ LASTRA Jefferies DIRK VAN VLAANDEREN RBC Capital Markets JAMES EDWARDES JONES Nomura IAN SHACKLETON Grupo Santander ANTHONY J BUCALO HSBC LAUREN E TORRES ING Bank MARCO GULPERS Canaccord Genuity Corp EDDY HARGREAVES Day by Day VALERIE GASTALDY Petercam KRIS KIPPERS ISI Group ROBERT E OTTENSTEIN KBC Securities WIM HOSTE Societe Generale ANDREW HOLLAND Credit Suisse SANJEET AUJLA JPMorgan MIKE J GIBBS Mirabaud Securities JONATHAN FYFE Natixis OLIVIER DELAHOUSSE Redburn Partners CHRIS PITCHER Barclays SIMON HALES ABN Amro Bank N.V. ROBERT JAN VOS Deutsche Bank HAROLD THOMPSON Kempen & Co SANDER VAN OORT Goldman Sachs MITCHELL COLLETT Bank Degroof(ESN) HANS D'HAESE Independent Research GmbH LARS LUSEBRINK Rabobank International KAREL ZOETE Berenberg Bank PHILIP MORRISEY S&P Capital IQ CARL SHORT Espirito Santo Investment Bank Research ALEX SMITH Erste Group HANS ENGEL Liberum Capital Ltd PABLO ZUANIC EVA Dimensions CRAIG STERLING UBS MELISSA EARLAM Nord/LB WOLFGANG VASTERLING Banco Sabadell IGNACIO ROMERO Shore Capital Stockbrokers PHIL CARROLL

Source 20F 20F ULT-AGG 20F ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG 20F 20F MF-AGG 20F ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation sell market perform underperform buy outperform reduce buy overweight hold buy hold buy buy accumulate hold outperform overweight add neutral buy equalweight hold hold hold sell/attractive hold hold buy buy hold neutral hold buy sell buy hold buy not rated

Amt Held 663'074'830 130'234'791 48'302'036 32'966'462 29'314'521 17'367'904 13'391'286 10'534'658 10'324'221 9'720'443 6'997'665 5'485'415 4'293'694 4'190'715 3'833'157 3'652'374 3'387'045 3'004'748 2'575'000 2'451'494

% Out 41.26 8.1 3.01 2.05 1.82 1.08 0.83 0.66 0.64 0.6 0.44 0.34 0.27 0.26 0.24 0.23 0.21 0.19 0.16 0.15

Weighting

Change

1 3 1 5 5 2 5 5 3 5 3 5 5 4 3 5 5 4 3 5 3 3 3 3 1 3 3 5 5 3 3 3 5 1 5 3 5 #N/A N/A

M M M M M D M M M M M M M M M M M U M M M U M M M M M U M M M M M M M M M M

Latest Chg (2'756'441) 282'718 (63'066) 34'232 (731'887) 133'574 (57'201) 965'431 4'311 (288'985) 176'050 (420'403)

Target Price 61 85 64 84 88 66 83 85 78 80 #N/A N/A 80 #N/A N/A 75 71 88 92 82 70 #N/A N/A 77 72 70 75 65 74 77 80 82 75 70 #N/A N/A 82 #N/A N/A 80 #N/A N/A 42 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 26.09.2013 31.12.2012 30.06.2013 31.12.2012 31.07.2013 30.06.2013 30.06.2013 31.07.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.08.2013 31.08.2013 31.08.2013 30.06.2013 31.05.2013 27.09.2013

Date 6 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 9 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type n/a Corporation Investment Advisor Other Investment Advisor Government Investment Advisor Investment Advisor Unclassified Unclassified Other Other Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 26.09.2013 25.09.2013 25.09.2013 19.09.2013 13.09.2013 12.09.2013 11.09.2013 09.09.2013 09.09.2013 05.09.2013 12.08.2013 05.08.2013 05.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 03.07.2013 01.07.2013 10.06.2013 06.06.2013 28.02.2013 10.09.2012 05.03.2012 07.02.2012

30.09.2013

Diageo PLC Diageo plc produces, distills and markets alcoholic beverages. The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

Price/Volume 2500

12.0 M

2000

10.0 M 8.0 M

1500

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DGE LN EQUITY YTD Change DGE LN EQUITY YTD % CHANGE

1000

06/2013 01/yy 2'152.50 1'739.50 1'423'823.00 1961 -8.87% 12.73% 57.51% 2'512.4 49'267.52 10'091.00 0.0 1'071.0 1'772.00 58'657.52

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 o-12

2.0 M .0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.06.2009 9'311.0 3.27x 2'777.0 10.96x 1'605.0 13.51x

4.0 M

500

30.06.2010 30.06.2011 9'780.0 9'936.0 3.57x 3.98x 2'984.0 3'232.0 11.70x 12.24x 1'629.0 1'900.0 15.99x 16.71x Profitability

30.06.2012 10'762.0 4.68x 3'826.0 13.16x 1'942.0 21.00x

30.06.2013 11'433.0 4.94x 3'931.0 14.36x 2'485.0 18.93x 3'931.00 3'528.00 30.86% 27.32% 10.48% 39.37% 17.90% 0.48% 60.9% 34.4% 30.9% 21.7% 1.55 0.69 40.24% 143.42% 6.01 1.09

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.42 0.73 2'509.08 15.39% 12.32% 0.735 34 4.206 4'000'800 3'286'300 3'417'855 FY+2

06/14 Y 06/15 Y 12'294.2 13'314.8 4.71x 4.28x 4'217.3 4'615.6 13.91x 12.71x 2'852.1 3'154.5 17.38x 15.69x S&P Issuer Ratings

FQ+1

FQ+2

01.09.2005 ASTABLE 01.09.2005 A-2 7.83 6.55 2.12 2.57 143.4% 55.5% 0.48 3.55 60.75 333.85 83.87 310.73

Sales/Revenue/Turnover

30.00

14'000.0

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Diageo PLC Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I LEGAL & GENERAL VANGUARD GROUP INC SCOTTISH WIDOWS NORGES BANK FIL LIMITED NORGES BANK INVESTME UBS AG STATE STREET CORP MORGAN STANLEY HARBOR CAPITAL ADVIS PEOPLES REPUBLIC OF Northern Cross Inter BARCLAYS GLOBAL INVE CASCADE INVESTMENT L AXA CREDIT SUISSE AG DIAGEO PLC ESOP

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Oriel Securities Ltd CHRIS WICKHAM Raymond James HERMINE DE BENTZMANN Liberum Capital Ltd PABLO ZUANIC Nomura IAN SHACKLETON AlphaValue ISABELLE COMBEMALE Credit Suisse SANJEET AUJLA Exane BNP Paribas JAVIER GONZALEZ LASTRA Sanford C. Bernstein & Co TREVOR STIRLING RBC Capital Markets JAMES EDWARDES JONES HSBC CEDRIC BESNARD Canaccord Genuity Corp EDDY HARGREAVES Grupo Santander ANTHONY J BUCALO JPMorgan MATTHEW WEBB Day by Day VALERIE GASTALDY Redburn Partners CHRIS PITCHER Shore Capital Stockbrokers PHIL CARROLL Independent Research GmbH LARS LUSEBRINK Societe Generale NICOLAS CERON Deutsche Bank HAROLD THOMPSON Natixis OLIVIER DELAHOUSSE Barclays SIMON HALES EVA Dimensions CRAIG STERLING Jefferies DIRK VAN VLAANDEREN Stifel MARK D SWARTZBERG Berenberg Bank PHILIP MORRISEY Kepler Cheuvreux LAETITIA DELAYE S&P Capital IQ CARL SHORT Espirito Santo Investment Bank Research ALEX SMITH Goldman Sachs MITCHELL COLLETT Investec MARTIN DEBOO UBS MELISSA EARLAM National Bank AG STEFFEN MANSKE

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG REG MF-AGG REG ULT-AGG ULT-AGG REG

Recommendation buy outperform hold buy reduce outperform neutral outperform sector perform neutral hold hold overweight buy buy hold hold hold buy buy overweight hold buy buy buy buy buy buy buy/attractive hold neutral buy

Amt Held 147'296'928 138'861'163 109'201'911 101'592'328 73'278'562 68'917'166 51'673'621 51'519'317 51'504'767 43'133'150 40'474'294 38'992'784 38'858'938 38'833'995 33'451'519 28'946'011 27'516'958 25'628'057 22'587'421 20'207'977

% Out 5.86 5.53 4.35 4.04 2.92 2.74 2.06 2.05 2.05 1.72 1.61 1.55 1.55 1.55 1.33 1.15 1.1 1.02 0.9 0.8

Weighting

Change 5 5 3 5 2 5 3 5 3 3 3 3 5 5 5 3 3 3 5 5 5 3 5 5 5 5 5 5 5 3 3 5

M M M M M M M U M M M M M M M D M M M M M D M M M M M M M M M M

Latest Chg (6'547'300) 1'616'206 (316'680) 7'397'453 2'608'342 (5'057'780) (932'957) (9'031'334) 89'287 (3'923'273) 63'368 206'762 661'040 (1'510'311) 586'361 (578'334)

Target Price 2'250 2'300 #N/A N/A 2'350 1'991 2'350 2'010 2'410 2'000 2'200 1'950 2'050 2'200 2'300 #N/A N/A #N/A N/A 2'300 2'150 2'200 2'400 2'250 #N/A N/A 2'300 2'400 2'250 2'215 2'270 2'250 2'620 1'970 2'050 2'100

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 15.07.2013 31.07.2013 31.07.2013 30.06.2013 31.08.2013 31.12.2012 01.06.2013 01.06.2013 27.09.2013 27.09.2013 30.06.2013 30.06.2013 01.06.2013 01.06.2013 28.06.2013 01.06.2013 30.06.2013 01.06.2013 01.06.2013

Date Not Provided 12 month Not Provided 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 9 month 3 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Unclassified Government Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 19.09.2013 13.09.2013 09.09.2013 05.09.2013 03.09.2013 28.08.2013 20.08.2013 20.08.2013 08.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 03.07.2013 27.06.2013 07.05.2013 10.04.2013 31.01.2013

30.09.2013

Daimler AG Daimler AG develops, manufactures, distributes, and sells a wide range of automotive products, mainly passenger cars, trucks, vans and buses. The Company also provides financial and other services relating to its automotive businesses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAI GY EQUITY YTD Change DAI GY EQUITY YTD % CHANGE

12/2012 06/yy 59.56 35.15 1'341'069.00 57.35 -3.61% 63.18% 93.61% 1'069.4 61'332.15 84'642.00 0.0 1'631.0 15'055.00 131'208.15

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

31.12.2009 31.12.2010 78'924.0 97'761.0 1.15x 1.10x 3'032.0 10'489.0 29.84x 10.26x (2'640.0) 4'498.0 11.85x Profitability

LTM-4Q 31.12.2011 106'540.0 0.93x 12'216.0 8.09x 5'667.0 6.38x

31.12.2012 114'297.0 1.01x 12'138.0 9.50x 6'095.0 7.24x 12'138.00 8'071.00 7.06% 6.75% 4.10% 16.82% 7.41% 0.70% 22.3% 9.5% 5.8% 5.3% 1.13 0.38 51.93% 192.90% 14.03 4.69

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

1.25 942.25 60.38% 46.20% 1.252 39 3.615 2'846'944 3'098'947 3'383'308 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 111'368.0 114'196.0 117'480.0 125'508.6 29'639.3 32'565.7 3.69x 4.07x 0.66x 0.62x 12'317.0 10'854.0 13'970.3 14'399.1 8.78x 11.01x 9.39x 9.11x 5'825.0 6'700.0 5'539.1 5'932.4 1'283.5 1'390.5 6.46x 7.40x 11.92x 10.34x S&P Issuer Ratings Long-Term Rating Date 23.02.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 26.02.2001 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 20.54 (EBITDA-Capex)/Interest Exp. 12.37 Net Debt/EBITDA 6.38 Total Debt/EBITDA 7.96 Reference Total Debt/Equity 192.9% Total Debt/Capital 65.0% Asset Turnover 0.70 Net Fixed Asset Turnover 2.46 Accounts receivable turnover-days 26.01 Inventory Days 77.76 Accounts Payable Turnover Day 42.15 Cash Conversion Cycle 58.83 Sales/Revenue/Turnover

160.00

180'000.0

140.00

160'000.0

120.00

140'000.0 120'000.0

100.00

100'000.0

80.00

80'000.0

60.00

60'000.0

40.00

40'000.0

20.00

20'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 95'873.0 0.87x 11'685.0 7.14x 1'348.0 15.61x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Daimler AG Holdings By:

All

Holder Name DEUTSCHE BANK AG BLACKROCK KUWAIT INVESTMENT AU CAPITAL GROUP COMPAN COMMERZBANK AKTIENGE AABAR INVESTMENTS PJ NORGES BANK NISSAN MOTOR CO LTD HARRIS ASSOCIATES LP VANGUARD GROUP INC HARBOR CAPITAL ADVIS DEKABANK DEUTSCHE GI FIRST EAGLE INVESTME CREDIT SUISSE GROUP DIMENSIONAL FUND ADV UNION INVESTMENT GMB MERCURY ASSET MANAGE ONTARIO TEACHERS PEN AMUNDI GOLDMAN SACHS GROUP

Firm Name HSBC Sanford C. Bernstein & Co Oddo & Cie AlphaValue DZ Bank AG Commerzbank Corporates & Markets Deutsche Bank Morgan Stanley UBS JPMorgan Landesbank Baden-Wuerttemberg M.M. Warburg Investment Research Bankhaus Metzler Kepler Cheuvreux Natixis Barclays ISI Group Nomura Exane BNP Paribas Hamburger Sparkasse Equinet Institutional Services(ESN) Baader Bank Day by Day Goldman Sachs Nord/LB EVA Dimensions Steubing AG Societe Generale Macquarie S&P Capital IQ Independent Research GmbH Bankhaus Lampe Main First Bank AG Redburn Partners Creative Global Investments Banco Sabadell Cyrrus

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst HORST SCHNEIDER MAX WARBURTON FRANCOIS MAURY HANS-PETER WODNIOK MICHAEL PUNZET DANIEL SCHWARZ JOCHEN GEHRKE LAURA LEMBKE PHILIPPE HOUCHOIS JOSE ASUMENDI FRANK BILLER MARC-RENE TONN JUERGEN PIEPER MICHAEL RAAB GEORGES DIENG KRISTINA CHURCH ARNDT ELLINGHORST HARALD C HENDRIKSE RABIH FREIHA TINA HECKING-VELTMAN TIM SCHULDT KLAUS BREITENBACH VALERIE GASTALDY STEFAN BURGSTALLER FRANK SCHWOPE CRAIG STERLING TOBIAS SCHMIDT STEPHEN REITMAN CHRISTIAN BREITSPRECHER RODERICK BRIDGE ZAFER RUZGAR CHRISTIAN LUDWIG LOTHAR LUBINETZKI CHARLES WINSTON CARLO R BESENIUS GLEN SPENCER-CHAPMAN JIRI SIMARA

Source ULT-AGG ULT-AGG Co File ULT-AGG Research Co File Research Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Research ULT-AGG MF-AGG MF-AGG Research MF-AGG ULT-AGG

Recommendation overweight market perform buy sell sell buy buy Equalwt/In-Line buy overweight buy hold buy reduce buy underweight buy neutral outperform hold reduce hold hold buy/attractive buy hold buy buy outperform hold sell hold outperform sell buy buy hold

Amt Held 140'497'673 93'897'996 73'577'854 43'507'194 38'268'282 33'056'717 31'839'135 16'448'378 14'357'505 13'217'297 10'511'692 10'353'255 6'356'137 4'071'305 3'437'987 3'314'133 3'023'880 3'000'000 2'808'112 2'719'961

% Out 13.14 8.78 6.88 4.07 3.58 3.09 2.98 1.54 1.34 1.24 0.98 0.97 0.59 0.38 0.32 0.31 0.28 0.28 0.26 0.25

Weighting

Change 5 3 5 1 1 5 5 3 5 5 5 3 5 2 5 1 5 3 5 3 2 3 3 5 5 3 5 5 5 3 1 3 5 1 5 5 3

M M M M M M M M M M M M M M M M M M M D M M M M M U M M M U M M M M M M M

Latest Chg (161'418) (2'675'000) 2'212'510 392'736 (1'259'644) (34'395) 8'169 (288'511) 15'448 (2'291'565) (5'882)

Target Price 68 55 68 41 50 66 62 46 62 66 60 60 66 52 65 39 60 55 63 #N/A N/A 46 55 #N/A N/A 72 59 #N/A N/A 76 60 63 56 47 53 58 #N/A N/A 52 48 37

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 23.09.2013 Investment Advisor 26.09.2013 Investment Advisor 06.02.2012 Government 31.07.2013 Investment Advisor 11.04.2013 Bank 06.02.2012 Government 27.03.2013 Government 31.03.2013 Corporation 30.08.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.09.2013 Bank 31.07.2013 Hedge Fund Manager 16.04.2013 Unclassified 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 26.09.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.04.2013 Investment Advisor 30.11.2012 Investment Advisor

Date Not Provided 12 month Not Provided 6 month Not Provided 6 month 12 month 12 month 12 month 15 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 06.09.2013 29.08.2013 27.08.2013 12.08.2013 12.08.2013 07.08.2013 02.08.2013 30.07.2013 29.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 23.07.2013 02.05.2013 16.04.2013 15.02.2013 29.10.2012

30.09.2013

UBS AG UBS AG is a wealth management, investment banking, and asset management firm. The Company provides a variety of financial services to individuals, institutions, corporations, governments, and financial intermediaries around the world.

Price/Volume 25

60.0 M

50.0 M 40.0 M

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBSN VX EQUITY YTD Change UBSN VX EQUITY YTD % CHANGE

12/2012 06/yy 19.60 11.29 5'025'665.00 18.51 -5.56% 63.97% 89.77% 3'839.2 71'063.45 267'401.00 0.0 4'353.0 66'383.00 219'594.44

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

0 o-12

31.12.2009 31.12.2010 44'658.0 46'526.0 9.51x 8.39x 19'874.0 20'964.0 21.36x 18.62x (2'736.0) 7'534.0 7.71x Profitability

LTM-4Q 31.12.2011 40'880.0 9.20x 17'464.0 21.53x 4'159.0 10.16x

31.12.2012 37'754.0 6.86x 15'529.0 16.67x (2'511.0) 15'529.00 5.80% -4.70% -0.19% -4.68% -0.63% 0.03% -6.7% 21.24% 582.62% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 37'651.0 35.58x 12'178.0 0.00x 2'762.0 15.14x

06/yy 38'698.0 25.76x 13'651.0 0.00x (2'384.0) 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

1.34 3'469.49 63.11% 30.87% 1.339 43 3.628 6'657'980 8'075'220 8'544'331 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'144.9 29'630.2 6'908.0 7'276.0 37.90x 33.33x 3'831.6 4'888.6 822.0 1'034.0 18.64x 14.30x 14.84x 13.71x S&P Issuer Ratings

29.11.2011 A STABLE 19.12.2008 A-1 582.6% 84.2% 0.03 6.44 -

Sales/Revenue/Turnover

5.00

160'000.0

4.50

140'000.0

4.00

120'000.0

3.50

100'000.0

3.00 2.50

80'000.0

2.00

60'000.0

1.50

40'000.0

1.00

20'000.0

0.50 0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 67'219.0 8.31x 37'052.0 15.08x (21'292.0) -

20.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

UBS AG Holdings By:

All

Holder Name GIC PRIVATE LIMITED UBS AG NORGES BANK FMR LLC CAPITAL GROUP COMPAN FIL LIMITED CREDIT SUISSE AG HARBOR CAPITAL ADVIS BLACKROCK FRANKLIN RESOURCES ZURCHER KANTONALBANK OPPENHEIMERFUNDS INC JP MORGAN CREDIT AGRICOLE SA PICTET FUNDS WELLINGTON MANAGEMEN GOLDMAN SACHS GROUP INVESCO LTD AXA BANK OF NEW YORK MEL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a ZURCHER KANTONALBANK Multiple Portfolios n/a CREDIT AGRICOLE SA n/a WELLINGTON MANAGEMEN n/a n/a n/a BANK OF NEW YORK MEL

Analyst

RBC Capital Markets FIONA SWAFFIELD Nomura JON PEACE Exane BNP Paribas DANIEL DAVIES AlphaValue DIETER HEIN Grupo Santander AURELIA FAURE Rafferty Capital Markets RICHARD X BOVE SR Macquarie PIERS BROWN Main First Bank AG KILIAN MAIER Morgan Stanley HUW VAN STEENIS JPMorgan KIAN ABOUHOSSEIN Oddo & Cie JEAN SASSUS Hamburger Sparkasse CHRISTIAN HAMANN Berenberg Bank JAMES CHAPPELL Day by Day VALERIE GASTALDY Bankhaus Lampe NEIL SMITH Kepler Cheuvreux DIRK BECKER Helvea TIM DAWSON Barclays KIRI VIJAYARAJAH Mediobanca SpA CHRISTOPHER J WHEELER Bank am Bellevue MARC DEUSTER Credit Suisse AMIT GOEL Commerzbank Corporates & Markets MICHAEL DUNST Bank Vontobel AG TAKIS SPILIOPOULOS Independent Research GmbH STEFAN BONGARDT Goldman Sachs JERNEJ OMAHEN Landesbank Baden-Wuerttemberg INGO FROMMEN Mirabaud Securities Claudia von Turk Myers Keefe, Bruyette & Woods ANDREW STIMPSON Natixis ANTOINE BURGARD Deutsche Bank MATT SPICK Bankhaus Metzler GUIDO HOYMANN S&P Capital IQ FRANK BRADEN Canaccord Genuity Corp ARUN MELMANE Redburn Partners NICHOLAS WATTS HSBC ROBERT MURPHY EVA Dimensions DOUG WALTERS Espirito Santo Investment Bank Research ANDREW LIM Societe Generale GEOFF DAWES Liberum Capital Ltd CORMAC LEECH Zuercher Kantonalbank ANDREAS VENDITTI Nord/LB MICHAEL SEUFERT Hammer Partners SA ENRICO RACIOPPI

Source ULT-AGG ULT-AGG EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG 13F MF-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F

Recommendation sector perform buy neutral sell underweight hold outperform underperform Overwt/In-Line overweight neutral hold buy hold sell hold buy overweight neutral hold neutral hold buy hold Buy/Neutral hold accumulate market perform buy buy sell buy buy buy overweight sell buy sell buy outperform hold buy

Amt Held 245'596'591 216'192'741 116'490'210 101'598'767 62'295'964 58'857'023 50'539'582 38'747'528 31'255'664 29'879'115 24'085'894 23'172'660 23'125'477 22'168'898 21'828'303 21'670'005 16'886'540 16'432'471 15'645'128 15'105'719

% Out 6.4 5.63 3.03 2.65 1.62 1.53 1.32 1.01 0.81 0.78 0.63 0.6 0.6 0.58 0.57 0.56 0.44 0.43 0.41 0.39

Weighting

Change 3 5 3 1 1 3 5 1 5 5 3 3 5 3 1 3 5 5 3 3 3 3 5 3 5 3 4 3 5 5 1 5 5 5 5 1 5 1 5 5 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M U M M M M M M M M M M M U M M

Latest Chg (20'610'868) 14'311'401 10'743'000 (1'640'766) (401'100) 4'128'293 (1'114'824) (14'305'536) (2'534'077) 332'960 4'674'008 4'697'001 (263'056) (2'974'135) 7'764'122 4'932'798 3'097'530 752'938

Target Price 20 20 18 17 16 19 21 18 21 21 19 #N/A N/A 20 #N/A N/A 16 19 20 22 20 20 16 18 22 20 24 19 21 19 20 21 14 20 24 #N/A N/A 20 #N/A N/A 23 15 18 #N/A N/A #N/A N/A 11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 12.09.2013 27.09.2013 27.09.2011 30.06.2013 31.07.2013 31.07.2013 31.05.2013 30.06.2013 26.09.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 31.05.2013 30.06.2013 30.06.2013 27.09.2013 30.06.2013 30.06.2013

Date 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 15 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Government Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 19.09.2013 18.09.2013 16.09.2013 11.09.2013 06.09.2013 02.09.2013 02.09.2013 23.08.2013 20.08.2013 20.08.2013 15.08.2013 14.08.2013 13.08.2013 08.08.2013 07.08.2013 06.08.2013 06.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 26.07.2013 16.07.2013 17.06.2013 06.06.2013 05.06.2013 29.05.2013 25.03.2013 30.10.2012 23.10.2012 03.07.2012

30.09.2013

Allianz SE Allianz SE, through subsidiaries, offers insurance and financial services. The Company offers property and casualty, life and health, credit, motor vehicle and travel insurance, and fund management services.

Price/Volume 140

8.0 M

120

7.0 M

100

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALV GY EQUITY YTD Change ALV GY EQUITY YTD % CHANGE

12/2012 06/yy 122.10 90.36 842'320.00 115.95 -5.04% 28.32% 86.29% 456.0 52'867.40 19'574.00 0.0 2'665.0 12'437.00 60'851.40

3.0 M

2.0 M

1.0 M

0 o-12

31.12.2008 76'195.0

31.12.2009 82'711.0

(2'444.0)

4'297.0

31.12.2010 89'740.0 0.57x 5'053.0 7.94x

LTM-4Q 31.12.2011 87'384.0 0.50x 2'545.0 13.13x

31.12.2012 96'020.0 0.60x 5'169.0 4.62x

Profitability EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

10.61% 8.95% 0.86% 12.22% 10.33% 0.14% 5.4% 2.82% 36.55% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

1.23 448.87 30.03% 14.88% 1.231 39 4.256 1'248'673 1'631'629 1'609'538 FY+2

FQ+1

FQ+2

06/yy 90'556.0 2.07x 0.0 0.00x 3'317.0 10.58x

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 97'026.0 102'442.2 105'264.4 24'605.0 24'916.0 2.31x 0.66x 0.64x 0.0 0.00x 5'859.0 5'858.5 6'005.3 1'230.5 1'430.5 4.64x 8.86x 8.61x S&P Issuer Ratings Long-Term Rating Date 27.01.2012 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 23.03.2009 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 36.6% Total Debt/Capital 25.8% Asset Turnover 0.14 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Allianz SE Holdings By:

All

Holder Name BLACKROCK NORGES BANK HARBOR CAPITAL ADVIS VANGUARD GROUP INC DB PLATINUM ADVISORS DEUTSCHE BANK AG SOCIETE GENERALE SA MORGAN STANLEY ALLIANZ ASSET MANAGE FMR LLC DEKABANK DEUTSCHE GI HARRIS ASSOCIATES LP UNION INVESTMENT GMB AMUNDI JP MORGAN CAPITAL GROUP COMPAN ADIG INVESTMENT FIL LIMITED FRANKFURT TRUST INVE THORNBURG INVESTMENT

Firm Name Sanford C. Bernstein & Co Berenberg Bank AlphaValue JPMorgan Bankhaus Lampe Canaccord Genuity Corp Day by Day Morgan Stanley Oddo & Cie Goldman Sachs Nomura Main First Bank AG Helvea Kepler Cheuvreux Exane BNP Paribas Societe Generale Credit Suisse Keefe, Bruyette & Woods HSBC Hamburger Sparkasse Bankhaus Metzler Equinet Institutional Services(ESN) S&P Capital IQ Nord/LB RBC Capital Markets Raymond James Landesbank Baden-Wuerttemberg Independent Research GmbH Bryan Garnier & Cie DZ Bank AG Deutsche Bank Barclays Mediobanca SpA EVA Dimensions Natixis Bank of Valletta Banco Sabadell

Portfolio Name n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst THOMAS SEIDL PETER ELIOT DIETER HEIN MICHAEL HUTTNER ANDREAS SCHAEFER BEN COHEN VALERIE GASTALDY JON HOCKING NICOLAS JACOB VINIT MALHOTRA MICHAEL KLIEN MICHAEL HAID DANIEL BISCHOF ATANASIO PANTARROTAS THOMAS JACQUET NICK HOLMES RICHARD BURDEN WILLIAM HAWKINS KAILESH MISTRY CHRISTIAN HAMANN JOCHEN SCHMITT PHILIPP HAESSLER RODERICK WALLACE JULIA SIEKMANN GORDON AITKEN RAPHAEL CARUSO WERNER SCHIRMER STEFAN BONGARDT OLIVIER PAUCHAUT THORSTEN WENZEL OLIVER STEEL ANDREW BROADFIELD MARC THIELE DOUG WALTERS BENOIT VALLEAUX MALCOLM ABDILLA CASTILLO MARIO LODOS

Source ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG Research ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation market perform buy add overweight buy buy hold Equalwt/In-Line buy Buy/Neutral buy outperform buy buy outperform hold neutral market perform overweight buy sell hold hold buy outperform market perform hold buy buy buy buy overweight neutral buy buy hold buy

Amt Held 32'047'039 9'837'831 6'365'290 5'480'394 4'802'438 4'776'032 4'300'429 3'878'270 3'876'259 3'687'392 3'655'951 3'208'800 2'657'513 2'169'864 2'088'052 2'054'950 1'967'279 1'962'949 1'725'151 1'589'980

% Out 7.03 2.16 1.4 1.2 1.05 1.05 0.94 0.85 0.85 0.81 0.8 0.7 0.58 0.48 0.46 0.45 0.43 0.43 0.38 0.35

Weighting

Change 3 5 4 5 5 5 3 3 5 5 5 5 5 5 5 3 3 3 5 5 1 3 3 5 5 3 3 5 5 5 5 5 3 5 5 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 122'040 4'701'470 (72'639) (1'408) 79'760 (372'988) 79'004 159'500 (1'139'274) 107'355 37'573 (153'200) (89'450) (2'267'727) 7'000 -

Target Price 115 144 131 140 135 135 #N/A N/A 118 130 151 140 150 128 140 135 125 132 140 145 #N/A N/A 110 120 130 132 130 #N/A N/A 125 145 140 134 130 118 123 #N/A N/A 130 117 114

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.12.2012 30.06.2013 30.06.2013 24.09.2013 31.07.2013 16.05.2013 30.06.2013 31.08.2013 31.07.2013 30.09.2013 30.06.2013 31.07.2013 31.08.2013 31.07.2013 30.06.2013 31.05.2013 30.04.2013 28.06.2013 31.07.2013

Date 12 month Not Provided 6 month 3 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 26.09.2013 26.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 13.09.2013 09.09.2013 09.09.2013 03.09.2013 22.08.2013 09.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 25.07.2013 22.07.2013 20.06.2013 06.06.2013 16.05.2013 12.03.2013 15.02.2013

30.09.2013

Barclays PLC Barclays PLC is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services.

Price/Volume 350

160.0 M

300

140.0 M

250

120.0 M 100.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BARC LN EQUITY YTD Change BARC LN EQUITY YTD % CHANGE

12/2012 06/yy 312.41 198.14 25'673'300.00 263.55 -15.58% 33.01% 59.21% 12'876.3 36'462.38 437'733.00 0.0 9'371.0 128'126.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

100

40.0 M

20.0 M

0 o-12

31.12.2009 31.12.2010 41'789.0 40'449.0 9'393.0 3'514.0 11.49x 8.73x Profitability

LTM-4Q 31.12.2011 42'266.0 2'924.0 7.22x

31.12.2012 34'016.0 (624.0) 10.88% 3.01% -0.01% -0.20% 0.13% 0.02% -2.4% 29.41% 864.83% -

Price/ Cash Flow

d-12

j-13

f-13 m-13 a-13 m-13

LTM

06/yy 37'151.0 0.00x 0.0 0.00x 1'657.0 11.81x

06/yy 33'285.0 0.00x 0.0 0.00x (101.0) 0.00x

j-13

a-13

s-13

FY+1

2.28 1.75 12'044.59 35.76% 10.69% 1.747 32 3.813 90'196'650 50'854'320 48'717'760 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'004.1 29'858.8 6'762.2 6'873.5 -3.97x -4.39x 3'759.7 5'231.0 816.0 488.5 9.87x 8.18x S&P Issuer Ratings

02.07.2013 ASTABLE 02.07.2013 A-2 864.8% 87.9% 0.02 5.78 -

Sales/Revenue/Turnover

0.50

45'000.0

0.45

40'000.0

0.40

35'000.0

0.35

30'000.0

0.30

25'000.0

0.25

20'000.0

0.20

15'000.0

0.15

10'000.0

0.10

5'000.0

0.05 0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 37'159.0 4'382.0 3.00x

80.0 M

150

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Barclays PLC Holdings By:

All

Holder Name QATAR HOLDINGS LLC BLACKROCK CAPITAL GROUP COMPAN LEGAL & GENERAL VANGUARD GROUP INC SCOTTISH WIDOWS FIL LIMITED NORGES BANK NORGES BANK INVESTME UPPER CHANCE GROUP L STANDARD LIFE INVEST UBS AG STATE STREET CORP DODGE & COX DODGE & COX BARCLAYS PLC CREDIT SUISSE AG JP MORGAN SUN LIFE FINANCIAL I PEOPLES REPUBLIC OF

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios

Analyst

Goldman Sachs FREDERIK THOMASEN RBC Capital Markets FIONA SWAFFIELD Nomura CHINTAN JOSHI AlphaValue DAVID GRINSZTAJN Independent Research GmbH STEFAN BONGARDT Deutsche Bank JASON NAPIER Macquarie EDWARD FIRTH Day by Day VALERIE GASTALDY Morgan Stanley CHRISTOPHER MANNERS Keefe, Bruyette & Woods MARK J PHIN S&P Capital IQ WILLIAM HOWLETT Numis Securities Ltd MICHAEL J TRIPPITT Investec IAN GORDON UBS JOHN-PAUL CRUTCHLEY HSBC PETER TOEMAN JPMorgan RAUL SINHA Shore Capital Stockbrokers GARY GREENWOOD Exane BNP Paribas TOM RAYNER Jefferies JOSEPH DICKERSON Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Redburn Partners FAHED KUNWAR Sanford C. Bernstein & Co CHIRANTAN BARUA Berenberg Bank JAMES CHAPPELL Grupo Santander ARTURO DE FRIAS Bankhaus Lampe NEIL SMITH Mediobanca SpA CHRISTOPHER J WHEELER EVA Dimensions DOUG WALTERS Societe Generale JAMES INVINE Oriel Securities Ltd VIVEK RAJA Credit Suisse CARLA ANTUNES-SILVA Canaccord Genuity Corp GARETH HUNT Makor Capital ALBERT SAPORTA Baden Hill LLP JAMIE MOYES Liberum Capital Ltd CORMAC LEECH

Source REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG REG REG ULT-AGG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG

Recommendation neutral/neutral outperform buy buy sell buy neutral hold restricted outperform buy reduce add neutral overweight overweight buy restricted buy buy neutral market perform sell buy buy outperform underweight hold buy restricted hold buy sell hold

Amt Held 813'964'552 690'750'564 638'027'354 504'601'003 362'210'686 340'939'698 307'688'534 287'045'959 281'756'683 248'872'808 241'006'035 238'286'993 214'267'834 207'960'957 204'449'298 203'383'874 181'527'386 143'836'281 142'553'706 141'482'313

% Out 6.32 5.36 4.96 3.92 2.81 2.65 2.39 2.23 2.19 1.93 1.87 1.85 1.66 1.62 1.59 1.58 1.41 1.12 1.11 1.1

Weighting

Change

3 5 5 5 1 5 3 3 #N/A N/A 5 5 2 4 3 5 5 5 #N/A N/A 5 5 3 3 1 5 5 5 1 3 5 #N/A N/A 3 5 1 3

M M M M M M M M M M M M M M M M M M N M M M M M M M D D M M M N M D

Latest Chg 145'407'660 (8'712'201) 38'375'618 27'730'961 (23'941'544) (12'130'533) 9'164'347 (32'955'405) 6'423'345 (39'188'341) (34'052'000) (9'865'580) 46'609'382 2'605'984 27'066'918 -

Target Price 310 310 330 341 260 342 280 #N/A N/A #N/A N/A 330 320 222 300 295 315 340 #N/A N/A #N/A N/A 339 342 #N/A N/A 268 203 345 342 323 #N/A N/A 300 300 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 212

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.08.2013 26.09.2013 19.09.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013 01.08.2013 01.08.2013 27.09.2013 27.09.2013 30.06.2013 01.08.2013 01.08.2013 01.08.2013 31.08.2013 01.08.2013 01.08.2013

Date 12 month 12 month Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 15 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Unclassified Unclassified Unclassified Investment Advisor Government Government Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 13.09.2013 12.09.2013 11.09.2013 06.09.2013 05.09.2013 27.08.2013 19.08.2013 13.08.2013 07.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 04.07.2013 12.04.2013 14.11.2012

30.09.2013

SAP AG SAP AG is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

Price/Volume 70

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAP GY EQUITY YTD Change SAP GY EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

10 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 11'575.0 2.71x 3'300.0 9.49x 1'847.0 16.28x

6.0 M

12/2012 06/yy 65.00 52.62 1'087'254.00 54.57 -16.08% 3.71% 20.76% 1'228.5 67'039.48 5'248.00 0.0 8.0 2'631.00 68'590.48

31.12.2009 31.12.2010 10'672.0 12'464.0 3.65x 3.71x 3'301.0 4'125.0 11.81x 11.20x 1'748.0 1'811.0 22.45x 25.07x Profitability

LTM-4Q 31.12.2011 14'233.0 3.31x 4'663.0 10.10x 3'438.0 14.13x

31.12.2012 16'223.0 4.62x 5'002.0 14.99x 2'823.0 25.61x 5'002.00 4'139.00 25.51% 23.57% 11.42% 21.86% 17.00% 0.64% 68.8% 30.8% 25.2% 17.4% 1.00 0.94 19.56% 37.05% 5.05 -

Price/ Cash Flow

LTM

06/yy 15'157.0 13.82x 4'810.0 11.69x 3'553.0 15.71x

06/yy 16'638.0 17.12x 5'126.0 13.37x 2'967.0 22.47x

FY+1

0.83 913.65 0.49% -8.75% 0.831 44 4.045 2'262'199 2'668'288 2'832'845 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'256.6 18'795.9 4'193.9 5'386.6 3.87x 3.40x 16.33x 12.53x 6'182.6 6'920.4 1'492.5 2'324.5 11.10x 9.91x 10.74x 10.38x 3'920.4 4'394.3 957.1 1'548.6 16.06x 14.35x 15.26x 14.83x S&P Issuer Ratings

28.58 25.49 0.30 1.02 37.1% 27.0% 0.64 9.77 72.33 -

Sales/Revenue/Turnover

25.00

18'000.0 16'000.0

20.00

14'000.0 12'000.0

15.00

10'000.0 8'000.0

10.00

6'000.0 4'000.0

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

SAP AG Holdings By:

All

Holder Name PLATTNER HASSO TSCHIRA KLAUS BLACKROCK HOPP DIETMAR SAP AG MORGAN STANLEY NORGES BANK VANGUARD GROUP INC ALLIANZ ASSET MANAGE HARBOR CAPITAL ADVIS DEKABANK DEUTSCHE GI FIL LIMITED CAPITAL GROUP COMPAN DEUTSCHE BANK AG FMR LLC OPPENHEIMERFUNDS INC UNION INVESTMENT GMB THORNBURG INVESTMENT CREDIT SUISSE AG DB PLATINUM ADVISORS

Firm Name M.M. Warburg Investment Research HSBC Natixis Baader Bank Main First Bank AG AlphaValue Commerzbank Corporates & Markets Credit Suisse Grupo Santander Goldman Sachs Bryan Garnier & Cie Morgan Stanley Exane BNP Paribas Redburn Partners Pacific Crest Securities Landesbank Baden-Wuerttemberg Day by Day Jyske Bank UBS Sanford C. Bernstein & Co Bankhaus Metzler Societe Generale Jefferies William Blair & Co Cross Research Nomura JPMorgan Macquarie Berenberg Bank DZ Bank AG Barclays Deutsche Bank Nord/LB Independent Research GmbH Hamburger Sparkasse Kepler Cheuvreux S&P Capital IQ JMP Securities Banco Sabadell EVA Dimensions National Bank AG Wells Fargo Securities, LLC Evercore Partners

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ANDREAS WOLF ANTONIN BAUDRY GWENAEL GIARD KNUT WOLLER CHANDRAMOULI SRIRAMAN HEINZ STEFFEN THOMAS M BECKER PHILIP WINSLOW CARLOS JAVIER TREVINO MOHAMMED MOAWALLA GREGORY RAMIREZ ADAM WOOD BRICE PRUNAS NEIL STEER BRENDAN BARNICLE MIRKO MAIER VALERIE GASTALDY ROBERT JAKOBSEN MICHAEL BRIEST MARK L MOERDLER ULRICH TRABERT RICHARD NGUYEN ROSS MACMILLAN BHAVAN SURI RICHARD T WILLIAMS RICHARD G SHERLUND STACY E POLLARD BRAD A ZELNICK DAUD KHAN HARALD SCHNITZER GERARDUS VOS KAI KORSCHELT WOLFGANG DONIE MARKUS FRIEBEL MARCO GUENTHER LAURENT DAURE JAMES CRAWSHAW PATRICK WALRAVENS ANDRES BOLUMBURU ANDREW S ZAMFOTIS STEFFEN MANSKE JASON MAYNARD STEWART KIRK MATERNE III

Source 20F 20F ULT-AGG 20F Research ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold overweight neutral buy outperform buy add outperform hold buy/attractive buy Overwt/In-Line neutral sell outperform buy buy reduce neutral outperform buy buy hold outperform hold buy neutral outperform buy buy equalweight hold buy hold buy buy buy market perform buy underweight buy market perform equalweight

Amt Held 120'857'498 92'079'595 66'743'066 65'273'200 36'642'744 23'436'828 20'930'681 12'787'680 12'385'174 11'235'667 10'842'503 9'595'557 8'250'500 7'583'646 7'249'371 6'538'742 6'520'724 5'573'465 5'180'145 5'175'655

% Out 9.84 7.5 5.43 5.31 2.98 1.91 1.7 1.04 1.01 0.91 0.88 0.78 0.67 0.62 0.59 0.53 0.53 0.45 0.42 0.42

Weighting

Change 3 5 3 5 5 5 4 5 3 5 5 5 3 1 5 5 5 2 3 5 5 5 3 5 3 5 3 5 5 5 3 3 5 3 5 5 5 3 5 1 5 3 3

D M M M M M U M U M M M M D M U U M M M M M M M M M D M M M M M M M M M M M M D U M M

Latest Chg 1'118'820 175'862 (43'008) (1'205'718) (1'220'400) (132'500) (2'509'077) (192'396) (4'744) (550'635) (1'507'903) (9'477) 3'986'320

Target Price 60 74 59 65 68 73 62 70 61 90 69 67 54 #N/A N/A 70 65 65 62 62 68 65 68 60 #N/A N/A 59 68 62 64 71 63 55 57 68 63 #N/A N/A 66 65 #N/A N/A 67 #N/A N/A 64 #N/A N/A 65

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 07.03.2013 07.03.2013 26.09.2013 07.03.2013 12.06.2012 30.06.2013 31.12.2012 30.06.2013 31.08.2013 30.06.2013 30.09.2013 30.04.2013 30.06.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.05.2013 31.07.2013

Date 12 month Not Provided Not Provided 12 month 12 month 6 month 6 month Not Provided Not Provided 12 month 6 month 12 month Not Provided Not Provided 12 month Not Provided 3 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Inst Type n/a n/a Investment Advisor n/a Corporation Investment Advisor Government Unclassified Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 11.09.2013 11.09.2013 11.09.2013 06.09.2013 06.09.2013 03.09.2013 29.08.2013 15.08.2013 14.08.2013 09.08.2013 09.08.2013 31.07.2013 29.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 15.02.2013 29.01.2013 23.01.2013 22.01.2013 24.10.2012

30.09.2013

Novo Nordisk A/S Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NOVOB DC EQUITY YTD Change NOVOB DC EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 1'100.00 848.00 179'710.00 932.5 -15.23% 9.96% 35.52% 442.5 512'875.00 500.00 0.0 0.0 16'105.00 502'467.99

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

1000

5.0 M

800

4.0 M

600

3.0 M

400

2.0 M

200

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 45'553.0 3.45x 14'815.0 10.60x 9'645.0 17.30x

1200

31.12.2009 31.12.2010 51'078.0 60'776.0 3.47x 5.98x 17'484.0 21'358.0 10.13x 17.02x 10'768.0 14'403.0 18.47x 25.35x Profitability

LTM-4Q 31.12.2011 66'346.0 5.52x 24'864.0 14.73x 17'097.0 21.83x

31.12.2012 78'026.0 6.38x 32'047.0 15.53x 21'432.0 23.45x 32'047.00 29'474.00 37.77% 35.64% 38.54% 72.39% 1.31% 82.7% 41.7% 38.4% 27.5% 1.86 1.19 0.76% 1.23% 7.86 1.45

Price/ Cash Flow

LTM

06/yy 71'871.0 20.34x 28'083.0 16.05x 18'900.0 24.98x

06/yy 82'170.0 23.46x 34'229.0 13.62x 24'138.0 20.03x

FY+1

1.16 3.70% 3.70% 1.164 33 3.909 501'614 591'747 558'495 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 84'949.9 92'242.7 21'238.2 22'328.5 5.85x 5.35x 35'272.9 38'603.6 9'105.2 8'800.0 14.25x 13.02x 13.84x 13.73x 25'642.0 27'684.7 6'671.2 6'562.5 19.66x 17.78x 19.28x 19.26x S&P Issuer Ratings

19.06.2013 AASTABLE 19.06.2013 A-1+ 552.53 494.40 -0.30 0.02 1.2% 1.2% 1.31 3.84 46.46 251.51 71.84 206.05

Sales/Revenue/Turnover

30.00

90'000.0 80'000.0

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Novo Nordisk A/S Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NOVO AS NOVO-NORDISK A/S NORGES BANK HARBOR CAPITAL ADVIS BLACKROCK FMR LLC CARMIGNAC GESTION VANGUARD GROUP INC FIL LIMITED THORNBURG INVESTMENT SWEDBANK ROBUR FONDE T ROWE PRICE ASSOCIA JUPITER ASSET MANAGE NORDEA INV MANAGEMEN ALLIANZ ASSET MANAGE MANNING & NAPIER ADV DANSKE INVEST A/S HANDELSBANKEN FONDER DB PLATINUM ADVISORS

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

AlphaValue SEB Enskilda Nordea Equity Research Natixis Sanford C. Bernstein & Co Handelsbanken Exane BNP Paribas Barclays Helvea Jefferies Commerzbank Corporates & Markets ABG Sundal Collier Danske Markets Swedbank Deutsche Bank Jyske Bank Carnegie Bryan Garnier & Cie DNB Markets Societe Generale Credit Suisse JPMorgan Berenberg Bank Alm Brand Markets S&P Capital IQ Redburn Partners EVA Dimensions Goldman Sachs Kepler Cheuvreux UBS Mirabaud Securities NYKREDIT Cyrrus Sydbank MP Advisors Pvt Ltd

KAMLA SINGH PETER HUGREFFE MICHAEL NOVOD PHILIPPE LANONE AARON GAL PETER SEHESTED VINCENT MEUNIER MICHAEL LEUCHTEN OLAV ZILIAN JEFFREY HOLFORD DANIEL WENDORFF MORTEN LARSEN MARTIN PARKHOI JOHAN UNNERUS TIM RACE FRANK HOERNING ANDERSEN CARSTEN LONBORG MADSEN ERIC LE BERRIGAUD RUNE MAJLUND DAHL STEPHEN MCGARRY LUISA HECTOR RICHARD VOSSER ALISTAIR CAMPBELL MICHAEL FRIIS JORGENSEN SHO MATSUBARA TEAM COVERAGE TIMOTHY STANISH KEYUR PAREKH RICHARD KOCH ANDREW WHITNEY NICHOLAS TURNER KRESTEN JOHNSEN TOMAS MENCIK SOEREN LONTOFT HANSEN VISHAL MANCHANDA

Source ULT-AGG 20F Research MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add buy strong buy buy market perform buy underperform overweight buy hold buy buy buy buy hold buy buy neutral buy sell neutral underweight hold neutral buy neutral overweight Buy/Neutral hold buy reduce outperform sell overweight market perform

Amt Held 82'015'437 35'312'800 17'186'048 10'248'509 6'618'888 6'144'082 6'078'065 5'553'844 5'498'536 4'723'941 4'400'349 2'096'263 1'598'879 1'596'886 1'285'975 1'213'993 1'163'920 981'600 956'856 891'013

% Out 18.53 7.98 3.88 2.32 1.5 1.39 1.37 1.26 1.24 1.07 0.99 0.47 0.36 0.36 0.29 0.27 0.26 0.22 0.22 0.2

Weighting

Change 4 5 5 5 3 5 1 5 5 3 5 5 5 5 3 5 5 3 5 1 3 1 3 3 5 3 5 5 3 5 2 5 1 5 3

M M M M M M M U M M M M M D M M M M M M M M M M M M M M M M D M M U M

Latest Chg 802'246 (5'100'000) (4'991) (199'262) (269'876) 440'771 20'076 (956'598) (1'617) (33'805) 1'992 (49'381) (78'252) 1'109'960 47'978 33'328 -

Target Price 1'048 1'300 1'285 1'180 1'000 1'165 850 1'000 1'190 1'000 1'320 1'200 1'150 1'125 980 1'096 #N/A N/A 1'040 1'150 801 1'080 800 1'090 1'020 1'080 #N/A N/A #N/A N/A 1'260 980 1'040 819 #N/A N/A 627 #N/A N/A 648

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 31.01.2013 06.09.2013 31.12.2012 30.06.2013 26.09.2013 31.07.2013 28.06.2013 30.06.2013 30.04.2013 31.07.2013 31.03.2013 30.06.2013 31.07.2013 31.07.2013 31.08.2013 31.12.2012 30.06.2013 30.08.2013 25.09.2013

Date 6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 6 month 6 month 12 month 12 month 12 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided 3 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Holding Company Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 23.09.2013 19.09.2013 16.09.2013 13.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 06.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 03.09.2013 27.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 14.06.2013 06.06.2013 17.05.2013 14.05.2013 12.02.2013 23.11.2012 23.07.2012 05.04.2012 02.02.2012 15.04.2011

30.09.2013

BNP Paribas SA BNP Paribas S.A. attracts deposits and offers commercial, retail, investment, private and corporate banking services. The Bank also provides asset management and investment advisory services to institutions and individuals in Europe, the United States, Asia and the Emerging Markets.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BNP FP EQUITY YTD Change BNP FP EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 51.56 36.57 2'193'746.00 49.935 -3.09% 36.57% 95.53% 1'244.5 62'142.25 1'012'615.00 7'241.0 8'536.0 139'568.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

31.12.2009 31.12.2010 70'439.0 72'579.0 5'832.0 7'843.0 10.75x 7.52x Profitability

LTM-4Q 31.12.2011 71'009.0 6'050.0 6.30x

31.12.2012 66'872.0 6'553.0 8.25x 19.44% 23.50% 0.27% 6.74% 0.54% 0.05% 14.8% 53.09% 1287.58% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 0.0 #DIV/0! 0.0 0.00x 6'023.0 6.02x

06/yy 9'395.0 0.00x 0.0 0.00x 5'185.0 9.95x

a-13 m-13

j-13

a-13

s-13

FY+1

1.58 1'099.81 39.49% 21.13% 1.576 37 4.162 3'238'322 3'450'677 3'648'226 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 39'135.0 39'915.3 9'757.0 9'785.8 5'829.9 6'619.4 1'344.0 1'292.0 10.66x 9.39x S&P Issuer Ratings

25.10.2012 A+ NEG 25.10.2012 A-1 1287.6% 91.5% 0.05 5.20 -

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0 60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 77'571.0 3'021.0 9.85x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

BNP Paribas SA Holdings By:

All

Holder Name BELGIAN STATE AXA NORGES BANK FRANKLIN RESOURCES CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE OF LUXEMBOURG FMR LLC HARRIS ASSOCIATES LP COVEA FINANCE SAS NATIXIS ASSET MANAGE DODGE & COX AMUNDI BNP PARIBAS AVIVA PLC WILLIAM BLAIR & COMP SCHRODER INVESTMENT LBPAM FIL LIMITED

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios n/a

Analyst

Natixis ALEX KOAGNE Independent Research GmbH STEFAN BONGARDT AlphaValue CHRISTOPHE NIJDAM HSBC ROBIN DOWN Macquarie PIERS BROWN Morgan Stanley SARA MINELLI JPMorgan DELPHINE LEE Oddo & Cie JEAN SASSUS Berenberg Bank JAMES CHAPPELL Jefferies OMAR FALL Societe Generale GEOFF DAWES Credit Suisse MAXENCE LE GOUVELLO Hamburger Sparkasse CHRISTIAN HAMANN Day by Day VALERIE GASTALDY Barclays JEREMY SIGEE Mediobanca SpA ANTONIO GUGLIELMI Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT Goldman Sachs JEAN-FRANCOIS NEUEZ Bankhaus Lampe NEIL SMITH RBC Capital Markets ANKE REINGEN Kepler Cheuvreux CYRIL MEILLAND Nomura JON PEACE Deutsche Bank FLORA BENHAKOUN UBS NICK DAVEY Landesbank Baden-Wuerttemberg INGO FROMMEN CM - CIC Securities(ESN) PIERRE CHEDEVILLE S&P Capital IQ WILLIAM HOWLETT Main First Bank AG FEDERICO SALERNO Calamatta Cuschieri TEAM COVERAGE Redburn Partners GEORGE KARAMANOS Grupo Santander AURELIA FAURE EVA Dimensions DOUG WALTERS Banco Sabadell MARIO LODOS Espirito Santo Investment Bank Research ANDREW LIM Nord/LB MICHAEL SEUFERT Hammer Partners SA ENRICO RACIOPPI

Source Research ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG 13F MF-AGG MF-AGG ULT-AGG

Recommendation buy buy reduce overweight neutral Overwt/In-Line neutral buy sell hold buy outperform hold hold overweight outperform outperform Buy/Neutral buy outperform buy buy buy neutral hold buy buy outperform overweight buy buy underweight buy neutral hold buy

Amt Held 127'747'434 66'464'562 25'617'790 21'954'990 18'934'630 17'926'254 16'426'152 12'540'483 11'007'841 10'745'800 8'464'103 8'181'726 6'394'558 6'043'823 5'932'371 5'467'119 5'142'845 5'117'763 4'763'636 4'661'706

% Out 10.27 5.34 2.06 1.76 1.52 1.44 1.32 1.01 0.88 0.86 0.68 0.66 0.51 0.49 0.48 0.44 0.41 0.41 0.38 0.37

Weighting

Change 5 5 2 5 3 5 3 5 1 3 5 5 3 3 5 5 5 5 5 5 5 5 5 3 3 5 5 5 5 5 5 1 5 3 3 5

M M M M M M M M M N M M M M M M M M M M M M M M D M M M M M M M M M M M

Latest Chg (1'419'545) 342'217 101'737 824'578 858'625 30'604 2'345'800 8'255'846 (50'444) 1'461'558 (316'289) (72'837) (62'806) (3'255'061) 684'101 (23'166) (2'640'476)

Target Price 62 60 51 56 45 60 49 55 25 51 58 57 #N/A N/A #N/A N/A 59 56 60 68 56 53 57 56 53 46 50 56 52 54 50 #N/A N/A 55 #N/A N/A 48 43 #N/A N/A 50

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.05.2013 31.12.2012 31.12.2012 31.08.2013 31.07.2013 26.09.2013 30.06.2013 31.12.2012 31.07.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 30.08.2013 30.04.2013 30.08.2013 30.06.2013 30.08.2013 28.03.2013 30.04.2013

Date Not Provided 12 month 6 month Not Provided 12 month 12 month 15 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 26.09.2013 18.09.2013 18.09.2013 16.09.2013 11.09.2013 06.09.2013 06.09.2013 03.09.2013 02.09.2013 02.09.2013 27.08.2013 19.08.2013 14.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 22.07.2013 16.07.2013 26.06.2013 06.06.2013 15.02.2013 30.01.2013 23.10.2012 19.06.2012

30.09.2013

BG Group PLC BG Group PLC operates as an integrated natural gas company. The Company explores develops, produces, liquefies, and markets hydrocarbons with a focus on natural gas. BG Group extends its services throughout global networks.

Price/Volume 1400

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M

1200 1000 800

Valuation Analysis

600

Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (19.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BG/ LN EQUITY YTD Change BG/ LN EQUITY YTD % CHANGE

12/2012 06/yy 1'357.00 991.00 1'597'970.00 1181 -12.97% 19.17% 54.92% 3'404.6 40'208.80 15'507.00 0.0 57.0 4'434.00 76'510.09

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200 0 o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 23'270.8 2.83x 11'459.4 5.75x 5'790.8 10.25x

400

31.12.2009 31.12.2010 15'992.8 17'166.0 4.28x 4.68x 8'440.4 8'672.0 8.10x 9.27x 3'394.9 3'351.0 17.40x 20.19x Profitability

LTM-4Q 31.12.2011 17'667.0 5.03x 9'574.0 9.29x 4'234.0 17.67x

31.12.2012 18'933.0 3.73x 10'198.0 6.92x 4'519.0 16.87x 10'198.00 7'605.00 40.17% 33.62% 8.11% 16.86% 11.60% 0.30% 52.6% 38.5% 23.9% 1.38 0.83 23.77% 46.94% -

Price/ Cash Flow

LTM

06/yy 17'283.0 19.50x 9'780.0 8.16x 3'891.0 20.33x

06/yy 19'634.0 15.09x 10'331.0 6.72x 5'316.0 13.52x

FY+1

1.43 1.12 3'229.41 -4.02% 18.50% 1.117 30 3.867 3'821'849 5'645'560 5'101'588 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'028.1 21'995.1 5'196.0 5'560.3 3.86x 3.69x 14.28x 13.66x 10'605.9 12'128.8 2'083.0 2'019.0 7.21x 6.31x 8.89x 8.60x 4'147.3 4'776.6 1'123.5 1'207.0 15.62x 13.63x 13.67x 13.32x S&P Issuer Ratings

15.20 0.33 1.12 1.58 46.9% 31.9% 0.30 0.47 -

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

BG Group PLC Holdings By:

All

Holder Name BLACKROCK LEGAL & GENERAL NORGES BANK VANGUARD GROUP INC CAPITAL GROUP COMPAN SCOTTISH WIDOWS FIL LIMITED SUN LIFE FINANCIAL I STATE STREET CORP PEOPLES REPUBLIC OF FRANKLIN RESOURCES Northern Cross Inter AXA HARBOR CAPITAL ADVIS STANDARD LIFE INVEST UBS AG THREADNEEDLE SCHRODER INVESTMENT GIC PRIVATE LIMITED STATE FARM MUTUAL AU

Firm Name Sanford C. Bernstein & Co Goldman Sachs RBC Capital Markets AlphaValue Simmons & Company International Oriel Securities Ltd Macquarie Deutsche Bank Liberum Capital Ltd Societe Generale Investec Credit Suisse JPMorgan Raymond James Independent Research GmbH Canaccord Genuity Corp Nomura Exane BNP Paribas Barclays Morgan Stanley Grupo Santander Day by Day EVA Dimensions Jefferies S&P Capital IQ Tudor Pickering & Co Equita SIM SpA UBS Shore Capital Stockbrokers

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst OSWALD CLINT MICHELE DELLA VIGNA PETER HUTTON ALEXANDRE ANDLAUER GUY BABER RICHARD GRIFFITH JASON D GAMMEL LUCAS HERRMANN ANDREW WHITTOCK IRENE HIMONA NEILL MORTON THOMAS YOICHI ADOLFF FREDERICK G LUCAS BERTRAND HODEE SVEN DIERMEIER SAMUEL SIMON THEEPAN JOTHILINGAM ALEJANDRO DEMICHELIS RAHIM KARIM MARTIJN P RATS JASON KENNEY VALERIE GASTALDY DOUG WALTERS BRENDAN MICHAEL WARN CHRISTINE TISCARENO ANISH KAPADIA MASSIMO BONISOLI JONATHON RIGBY GERARD LANE

Source ULT-AGG ULT-AGG RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG REG ULT-AGG REG

Recommendation outperform Buy/Cautious outperform sell overweight buy outperform buy hold hold sell underperform overweight outperform hold hold buy outperform equalweight Overwt/In-Line buy hold hold buy sell hold buy buy not rated

Amt Held 259'128'305 237'765'696 172'003'916 170'367'213 98'893'176 94'531'762 81'916'346 58'668'349 57'510'813 57'446'481 53'370'409 48'532'540 46'554'299 45'967'364 43'605'600 43'207'821 42'853'996 42'802'945 41'839'173 41'334'000

% Out 7.61 6.98 5.05 5 2.9 2.78 2.41 1.72 1.69 1.69 1.57 1.43 1.37 1.35 1.28 1.27 1.26 1.26 1.23 1.21

Weighting

Change

5 5 5 1 5 5 5 5 3 3 1 1 5 5 3 3 5 5 3 5 5 3 3 5 1 3 5 5 #N/A N/A

M M M M M M M M M M M D M M D M M M D M M M D M M M M M M

Latest Chg (1'741'530) 2'998'397 16'712'550 604'072 (1'936'983) 10'013'324 (1'623'221) 25'578 41'935'269 573'783 (4'057'822) 278'645 (40'959) 9'125'768 (2'490'329) 393'238 (5'445'420) 378'800

Target Price 1'770 1'620 1'400 738 #N/A N/A #N/A N/A 1'400 1'400 1'260 1'300 1'100 1'190 1'550 1'400 1'350 1'250 1'450 1'450 1'320 1'370 1'455 #N/A N/A #N/A N/A 1'700 1'150 1'600 1'460 1'400 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.07.2013 27.08.2013 01.07.2013 31.07.2013 31.08.2013 01.07.2013 31.07.2013 27.09.2013 01.07.2013 31.08.2013 01.07.2013 01.07.2013 30.06.2013 01.07.2013 27.09.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013

Date 12 month 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 9 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided

Inst Type Investment Advisor Unclassified Government Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Government Insurance Company

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 23.09.2013 19.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 04.09.2013 12.08.2013 05.08.2013 29.07.2013 26.07.2013 31.05.2013 17.05.2013 12.11.2012 05.03.2012

30.09.2013

AstraZeneca PLC AstraZeneca PLC is a holding company. The Company, through its subsidiaries, researches, manufactures, and sells pharmaceutical and medical products. AstraZeneca focuses its operations on eight therapeutic areas: Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous System, Pain Control, Anaesthesia, and Infection.

Price/Volume 8.0 M

3000

7.0 M

12/2012 06/yy 3'544.50 2'786.00 850'664.00 3205.5 -9.55% 15.06% 54.71% 1'252.5 40'150.05 10'310.00 0.0 215.0 8'524.00 66'309.24

5.0 M 4.0 M

1500

3.0 M

1000

2.0 M

500

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2009 31.12.2010 32'804.0 33'269.0 2.07x 1.84x 13'235.0 14'170.0 5.14x 4.31x 7'521.0 8'053.0 9.05x 8.14x Profitability

LTM-4Q 31.12.2011 33'591.0 1.71x 13'276.0 4.32x 9'983.0 6.29x

31.12.2012 27'973.0 2.18x 10'658.0 5.72x 6'297.0 9.46x 10'658.00 8'140.00 29.10% 27.59% 9.08% 20.79% 16.08% 0.49% 80.7% 41.7% 30.0% 22.5% 1.35 1.02 19.26% 43.43% 2.49

Price/ Cash Flow

LTM

06/yy 30'878.0 7.54x 14'028.0 4.16x 8'185.0 7.18x

06/yy 26'581.0 9.42x 11'075.0 5.48x 4'880.0 12.10x

FY+1

5.41 0.74 1'098.23 14.98% 16.78% 0.740 36 2.611 1'468'114 1'842'800 1'858'659 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26'040.8 25'144.2 6'438.2 7'066.2 2.56x 2.62x 8'999.9 8'826.8 2'254.3 2'503.3 7.37x 7.51x 6'452.3 5'863.5 1'626.7 1'551.6 9.91x 10.74x 10.62x 10.86x S&P Issuer Ratings

27.07.2007 AANEG 27.07.2007 A-1+ 11.13 10.42 0.12 0.94 43.4% 30.1% 0.49 4.52 146.86 63.02

Sales/Revenue/Turnover

10.00

40'000.0

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

6.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AZN LN EQUITY YTD Change AZN LN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

3500 2500

Valuation Analysis

31.12.2008 31'601.0 2.11x 11'657.0 5.72x 6'101.0 9.74x

4000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

AstraZeneca PLC Holdings By:

All

Holder Name BLACKROCK INVESCO LTD PERPETUAL INVESTMENT AXA INVESTOR AB LEGAL & GENERAL VANGUARD GROUP INC CAPITAL GROUP COMPAN SCOTTISH WIDOWS NORGES BANK INVESTME NORGES BANK UBS AG THREADNEEDLE STATE STREET CORP SCHRODER INVESTMENT PEOPLES REPUBLIC OF BARCLAYS GLOBAL INVE GMO LLC SCHRODER INVESTMENT PRUDENTIAL PLC

Firm Name Sanford C. Bernstein & Co AlphaValue Independent Research GmbH Handelsbanken Exane BNP Paribas Helvea Nordea Equity Research Barclays Jefferies Panmure Gordon & Co Limited Landesbank Baden-Wuerttemberg Deutsche Bank Bryan Garnier & Cie Morgan Stanley Danske Markets Berenberg Bank Credit Suisse JPMorgan Societe Generale Day by Day Carnegie Shore Capital Stockbrokers Pareto Securities Swedbank SEB Enskilda Natixis S&P Capital IQ Redburn Partners Liberum Capital Ltd Kepler Cheuvreux EVA Dimensions Goldman Sachs ABG Sundal Collier UBS Mirabaud Securities MP Advisors Pvt Ltd Edward Jones

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst TIMOTHY M ANDERSON ARMELLE MOULIN CHRISTOPH SCHOENDUBE PETER SEHESTED NICOLAS GUYON-GELLIN ODILE RUNDQUIST ERIK HULTGARD MARK PURCELL JEFFREY HOLFORD SAVVAS NEOPHYTOU TIMO KUERSCHNER MARK CLARK ERIC LE BERRIGAUD PETER VERDULT MATTIAS HAGGBLOM ALISTAIR CAMPBELL LUISA HECTOR JAMES D GORDON STEPHEN MCGARRY VALERIE GASTALDY KRISTOFER LILJEBERG BRIAN WHITE YILMAZ MAHSHID JOHAN UNNERUS LARS HEVRENG BEATRICE MUZARD SHO MATSUBARA TEAM COVERAGE NARESH CHOUHAN FABIAN WENNER TIMOTHY STANISH KEYUR PAREKH STEN GUSTAFSSON ANDREW WHITNEY NICHOLAS TURNER BHAVITA NAGRANI LINDA BANNISTER

Source ULT-AGG ULT-AGG MF-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG ULT-AGG REG REG MF-AGG REG MF-AGG ULT-AGG

Recommendation market perform reduce hold reduce neutral neutral buy equalweight hold hold sell hold buy Underwt/Attractive sell hold underperform neutral sell hold hold buy sell reduce hold neutral sell sell hold reduce buy neutral/neutral sell buy reduce underperform sell

Amt Held 100'885'181 95'031'897 70'008'786 68'555'410 51'587'810 50'180'731 46'936'428 42'370'000 41'020'112 29'841'326 29'399'381 23'877'559 22'468'435 21'682'917 16'435'885 15'042'917 14'674'651 13'347'455 10'492'061 10'209'672

% Out 8.05 7.59 5.59 5.47 4.12 4.01 3.75 3.38 3.27 2.38 2.35 1.91 1.79 1.73 1.31 1.2 1.17 1.07 0.84 0.82

Weighting

Change 3 2 3 2 3 3 5 3 3 3 1 3 5 1 1 3 1 3 1 3 3 5 1 2 3 3 1 1 3 2 5 3 1 5 2 1 1

M M M N M M U M M M M M M M D M M M M M M M M U M M M M M D M M N M U M M

Latest Chg 2'454'214 127'633 (541'502) (689'566) 3'114'680 5'760'000 (3'381'442) 963'792 6'313'441 1'260'207 195'362 (1'649'061) 1'295'706 1'189'255 342'617 (1'243'310)

Target Price 3'485 3'256 3'450 3'430 3'200 3'280 3'865 3'050 2'850 3'200 2'900 3'425 3'620 3'200 3'000 3'472 3'130 3'300 2'700 #N/A N/A #N/A N/A #N/A N/A 3'128 2'921 3'240 3'504 2'900 #N/A N/A 3'100 2'700 #N/A N/A 3'750 2'573 3'600 2'700 2'509 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 27.09.2013 30.08.2013 30.06.2013 01.05.2013 31.07.2013 30.06.2013 30.06.2013 31.08.2013 01.05.2013 31.12.2012 27.09.2013 31.07.2013 27.09.2013 01.05.2013 01.05.2013 28.06.2013 01.05.2013 30.08.2013 01.05.2013

Date 12 month 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month 12 month Not Provided Not Provided 9 month 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 6 month 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Government Government Unclassified Unclassified Investment Advisor Investment Advisor Government Investment Advisor Corporation Investment Advisor Unclassified

Date 27.09.2013 26.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 16.09.2013 16.09.2013 12.09.2013 12.09.2013 10.09.2013 04.09.2013 04.09.2013 02.09.2013 02.09.2013 29.08.2013 28.08.2013 28.08.2013 27.08.2013 20.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 19.07.2013 28.06.2013 08.06.2013 06.06.2013 17.05.2013 25.04.2013 19.03.2013 02.04.2012 07.01.2010 20.11.2008

30.09.2013

Banco Bilbao Vizcaya Argentaria SA Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail, wholesale, and investment banking services. The Bank offers consumer and mortgage loans, private banking, asset management, insurance, mutual funds, and securities brokerage services. It operates in Europe, Latin America, United States, China and Turkey.

Price/Volume 9

600.0 M

500.0 M

7 6

400.0 M

12/2012 06/yy 8.46 5.82 22'182'456.00 8.199 -3.03% 41.00% 96.22% 5'724.3 46'933.75 226'217.00 0.0 2'372.0 63'956.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

200.0 M

100.0 M

1 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 41'508.0 5'020.0 6.41x

300.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBVA SQ EQUITY YTD Change BBVA SQ EQUITY YTD % CHANGE

31.12.2009 31.12.2010 34'467.0 32'482.0 4'210.0 4'606.0 11.37x 6.46x Profitability

LTM-4Q 31.12.2011 33'049.0 3'004.0 11.78x

31.12.2012 35'222.0 1'676.0 28.56x 5.89% 6.89% 0.49% 7.08% 1.31% 0.04% 7.0% 35.47% 546.02% -

LTM

06/yy 20'422.0 0.00x 0.0 0.00x 2'175.0 14.03x

06/yy 21'940.0 0.00x 0.0 0.00x 3'047.0 21.64x

FY+1

1.21 5'546.88 44.57% 24.94% 1.213 41 3.512 49'298'260 36'716'800 65'562'180 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 21'992.8 23'072.0 5'310.0 5'403.0 3'723.6 4'221.8 13.64x 11.61x S&P Issuer Ratings

16.10.2012 BBBNEG 16.10.2012 A-3 546.0% 83.8% 0.04 2.90 -

Sales/Revenue/Turnover

45'000.0 40'000.0

1.00 0.80

35'000.0 30'000.0 25'000.0

0.60

20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Banco Bilbao Vizcaya Argentaria SA Holdings By:

All

Holder Name BNP PARIBAS SA INVERAVANTE INVERSIO NORGES BANK HARBOR CAPITAL ADVIS BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN AMUNDI BNP PARIBAS FMR LLC T ROWE PRICE ASSOCIA PRIVAT BANK PATRIMON OPPENHEIMERFUNDS INC MERCURY ASSET MANAGE UBS AG JANUS CAPITAL MANAGE DEKABANK DEUTSCHE GI BANCO BILBAO VIZCAYA PIONEER AVIVA PLC

Firm Name

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Exane BNP Paribas SANTIAGO LOPEZ DIAZ BPI CARLOS JOAQUIM PEIXOTO AlphaValue DAVID GRINSZTAJN Banco Sabadell MARIO LODOS Nomura DARAGH QUINN Day by Day VALERIE GASTALDY Deutsche Bank JASON NAPIER Keefe, Bruyette & Woods ANTONIO RAMIREZ Morgan Stanley ALVARO SERRANO Natixis FREDERIC TESCHNER Ahorro Corporacion Financiera SA IRMA GARRIDO HSBC CARLO DIGRANDI Bankia Bolsa (ESN) JAVIER BERNAT Goldman Sachs JERNEJ OMAHEN Societe Generale CARLOS GARCIA GONZALEZ JPMorgan JAIME BECERRIL NMAS 1 Agencia de Valores FRANCISCO RIQUEL Oddo & Cie JULIE LEGRAND Credit Suisse IGNACIO CEREZO RBC Capital Markets PATRICK LEE Berenberg Bank NICK ANDERSON Barclays ROHITH CHANDRA-RAJAN Hamburger Sparkasse CHRISTIAN HAMANN Bankhaus Lampe NEIL SMITH Grupo Santander ARTURO DE FRIAS Independent Research GmbH STEFAN BONGARDT EVA Dimensions DOUG WALTERS Landesbank Baden-Wuerttemberg INGO FROMMEN Mediobanca SpA ANDREA FILTRI Macquarie BENJIE CREELAN-SANDFORD Interdin Bolsa JAVIER RUIZ-CAPILLAS S&P Capital IQ WILLIAM HOWLETT Redburn Partners GEORGE KARAMANOS UBS IGNACIO SANZ Espirito Santo Investment Bank Research JUAN PABLO LOPEZ La Caixa DAVID FERNANDEZ Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Inteligo SAB LUIS ORDONEZ Nord/LB MICHAEL SEUFERT Renta 4 SA SVB NURIA ALVAREZ Hammer Partners SA ENRICO RACIOPPI

Source EXCH 13G MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG

Recommendation underperform neutral reduce buy neutral buy hold market perform Overwt/In-Line neutral buy neutral hold Buy/Neutral buy underweight buy buy outperform sector perform sell equalweight hold sell buy hold hold hold neutral underperform buy hold neutral buy buy buy overweight buy hold overweight sell

Amt Held 177'140'051 160'934'820 120'502'641 96'932'947 82'886'040 67'412'598 43'112'614 34'170'896 25'714'816 24'639'266 21'157'900 20'528'011 19'908'967 17'611'224 16'451'089 14'855'689 13'402'902 12'076'251 11'005'863 8'781'077

% Out 3.09 2.81 2.11 1.69 1.45 1.18 0.75 0.6 0.45 0.43 0.37 0.36 0.35 0.31 0.29 0.26 0.23 0.21 0.19 0.15

Weighting

Change 1 3 2 5 3 5 3 3 5 3 5 3 3 5 5 1 5 5 5 3 1 3 3 1 5 3 3 3 3 1 5 3 3 5 5 5 5 5 3 5 1

M M M M M M M M M M M M M M M M M M U M M M M M M M D M M M M M M U M M M M M M M

Latest Chg 10'373'306 (86'470'698) 44'886'457 (8'863'937) 2'946'896 1'276'482 15'497'126 3'727'073 2'244'950 2'851'016 5'021 (2'565) 89'984 288'291 (19'828'799) 5'207'814 1'094'112 16'604

Target Price 7 8 8 9 7 9 7 8 9 7 8 9 8 10 8 7 9 9 9 7 7 7 #N/A N/A 6 9 8 #N/A N/A 8 7 6 8 7 #N/A N/A 8 8 8 8 8 #N/A N/A 6 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 09.05.2013 24.07.2012 31.12.2012 30.06.2013 26.09.2013 30.06.2013 30.06.2013 30.04.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 26.09.2013 27.09.2013 30.06.2013 30.09.2013 22.08.2013 31.07.2013 30.08.2013

Date Not Provided Not Provided 6 month 12 month 12 month 3 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 15 month 6 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Bank Other Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Bank Bank Unclassified Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 16.09.2013 11.09.2013 11.09.2013 09.09.2013 06.09.2013 05.09.2013 04.09.2013 02.09.2013 02.09.2013 27.08.2013 13.08.2013 06.08.2013 06.08.2013 06.08.2013 02.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 29.07.2013 22.07.2013 18.07.2013 13.06.2013 26.04.2013 24.04.2013 23.10.2012 31.07.2012 19.06.2012

30.09.2013

Telefonica SA Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America. The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

Price/Volume 14

180.0 M

160.0 M 140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (21.02.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEF SQ EQUITY YTD Change TEF SQ EQUITY YTD % CHANGE

12/2012 06/yy 11.63 9.47 8'106'008.00 11.485 -1.16% 21.33% 96.29% 4'551.0 52'268.52 66'853.00 0.0 7'200.0 11'719.00 111'691.52

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100.0 M

80.0 M 60.0 M

40.0 M

20.0 M

0 o-12

31.12.2009 31.12.2010 56'731.0 60'737.0 2.42x 2.29x 22'603.0 25'777.0 6.07x 5.39x 7'776.0 10'167.0 11.43x 7.54x Profitability

LTM-4Q 31.12.2011 62'837.0 1.99x 19'392.0 6.46x 5'402.9 11.18x

31.12.2012 62'356.0 1.74x 21'231.0 5.10x 3'928.0 11.71x 21'231.00 10'798.00 17.32% 9.40% 3.13% 19.88% 0.48% 33.9% 16.5% 6.3% 0.81 0.71 51.52% 326.73% 5.57 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 62'932.0 7.73x 18'455.9 6.19x 4'315.9 10.89x

06/yy 59'937.0 7.25x 20'311.7 5.11x 3'909.0 11.38x

a-13 m-13

j-13

a-13

s-13

FY+1

1.00 4'512.12 10.70% 12.71% 0.995 37 3.622 22'605'180 24'162'260 22'179'600 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'908.1 57'458.7 14'002.5 14'857.5 1.85x 1.83x 19'634.9 19'494.4 5.69x 5.73x 4'619.0 4'798.2 982.0 530.0 11.15x 10.58x S&P Issuer Ratings

20.12.2012 BBB NEG 20.12.2012 A-2 6.86 3.80 2.61 3.09 326.7% 70.7% 0.48 1.77 65.58 -

Sales/Revenue/Turnover

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 57'946.0 2.10x 22'919.0 5.31x 7'592.0 9.72x

120.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Telefonica SA Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA CAIXABANK BLACKROCK NORGES BANK VANGUARD GROUP INC PRIVAT BANK PATRIMON TELEFONICA SA FRANKLIN RESOURCES AMUNDI T ROWE PRICE ASSOCIA NATIXIS ASSET MANAGE BNP PARIBAS MERCURY ASSET MANAGE UBS AG DEKABANK DEUTSCHE GI SANTANDER ASSET MGMT CREDIT SUISSE AG UNION INVESTMENT GMB STATE STREET CORP FMR LLC

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Exane BNP Paribas MATHIEU ROBILLIARD BPI PEDRO OLIVEIRA HSBC LUIGI MINERVA BBVA IVON LEAL Ahorro Corporacion Financiera SA GERMAN GARCIA BOU AlphaValue JEAN-MICHEL SALVADOR EVA Dimensions ANDREW S ZAMFOTIS Grupo Santander NAHUM SANCHEZ DE LAMADRID Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Banco Sabadell ANDRES BOLUMBURU Jefferies JEREMY A DELLIS Bankia Bolsa (ESN) DAVID CABEZA JARENO National Bank AG MARKUS GLOCKENMEIER Berenberg Bank PAUL ANDREW MARSCH NMAS 1 Agencia de Valores JOSE RAMON OCINA New Street Research JAMES RATZER Credit Suisse JUSTIN FUNNELL Nomura FREDERIC BOULAN Barclays JONATHAN DANN Natixis BENOIT MAYNARD Raymond James STEPHANE BEYAZIAN Independent Research GmbH MARKUS FRIEBEL Hamburger Sparkasse TINA HECKING-VELTMAN JPMorgan AKHIL DATTANI Espirito Santo Investment Bank Research NUNO MATIAS Mirabaud Finanzas Sociedad de ValoresJAVIER S MIELGO Macquarie GUY R PEDDY Oddo & Cie ALEXANDRE IATRIDES Kepler Cheuvreux JAVIER BORRACHERO Morgan Stanley LUIS PROTA Interdin Bolsa BORJA MIJANGOS BLANCO S&P Capital IQ ALEXANDER WISCH Deutsche Bank KEVAL KHIROYA Goldman Sachs TIMOTHY BODDY BCP Investimento ALEXANDRA DELGADO Day by Day VALERIE GASTALDY La Caixa BORJA PAGOAGA Banesto Bolsa SA Sociedad MARTA GOMEZ UBS GIOVANNI MONTALTI Renta 4 SA SVB IVAN SAN FELIX

Source 20F 20F ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation outperform neutral strong buy neutral outperform buy buy overweight buy buy buy underperform buy buy sell strong buy reduce neutral reduce equalweight neutral underperform sell hold restricted neutral overweight neutral reduce buy restricted buy sell restricted not rated buy hold buy overweight neutral hold

Amt Held 261'798'437 254'697'815 177'257'649 97'834'735 45'953'772 37'507'740 30'901'456 30'023'849 25'942'653 15'696'768 15'333'636 12'713'294 12'244'102 11'216'842 8'936'350 7'005'886 6'058'218 6'029'180 5'789'478 5'542'162

% Out 5.75 5.6 3.89 2.15 1.01 0.82 0.68 0.66 0.57 0.34 0.34 0.28 0.27 0.25 0.2 0.15 0.13 0.13 0.13 0.12

Weighting

Change

5 3 5 3 5 5 5 5 5 5 5 1 5 5 1 5 2 3 2 3 3 1 1 3 #N/A N/A 3 5 3 2 5 #N/A N/A 5 1 #N/A N/A #N/A N/A 5 3 5 5 3 3

M M M M M M M U M M M M M N M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 3'581'300 7'798'898 267'987 (48) 6'484'037 166'795 2'348'371 7'558'473 2'823'749 62'562 (101'001) 989'051 (225'400) (37'437) 80'913 30'691 157'142

Target Price 13 11 13 12 13 13 18 #N/A N/A 13 13 13 9 13 13 9 13 8 12 9 12 13 10 10 #N/A N/A #N/A N/A 10 13 10 10 13 #N/A N/A 12 9 #N/A N/A #N/A N/A 15 #N/A N/A 13 12 10 19

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.03.2013 21.03.2013 26.09.2013 31.12.2012 30.06.2013 30.06.2013 25.07.2013 28.06.2013 31.08.2013 30.06.2013 31.05.2013 30.04.2013 26.09.2013 27.09.2013 30.09.2013 30.06.2013 31.05.2013 28.03.2013 27.09.2013 31.07.2013

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Bank Investment Advisor Investment Advisor Government Unclassified Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 16.09.2013 12.09.2013 05.09.2013 27.08.2013 22.08.2013 01.08.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 23.07.2013 23.07.2013 18.07.2013 15.07.2013 22.05.2013 03.04.2013 02.04.2013 23.07.2012

30.09.2013

BHP Billiton PLC BHP Billiton Plc is an international resources company. The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration and production. Dually-listed company with BHP AU.

Price/Volume 2500

16.0 M 14.0 M

2000

12.0 M 10.0 M

1500

8.0 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (03.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLT LN EQUITY YTD Change BLT LN EQUITY YTD % CHANGE

06/2013 01/yy 2'251.50 1'644.00 1'616'420.00 1812.5 -19.52% 10.25% 32.43% 2'112.1 104'628.36 35'165.00 0.0 1'371.0 6'219.00 199'229.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

0 o-12

2.0 M .0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.06.2009 50'211.0 2.97x 21'761.0 6.86x 5'877.0 21.26x

6.0 M

500

30.06.2010 30.06.2011 52'798.0 71'739.0 2.83x 3.00x 24'590.0 38'093.0 6.07x 5.65x 12'722.0 23'648.0 11.48x 9.18x Profitability

30.06.2012 72'226.0 2.42x 33'866.0 5.15x 15'417.0 9.78x

30.06.2013 65'968.0 2.67x 28'072.0 6.28x 10'876.0 12.50x 28'072.00 21'127.00 32.03% 27.09% 8.14% 15.93% 11.40% 0.49% 42.6% 32.0% 16.5% 0.97 0.31 25.46% 49.76% 8.49 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.96 1.36 2'013.16 -2.22% -11.61% 1.365 32 3.969 4'122'796 5'911'852 6'509'017 FY+2

06/14 Y 06/15 Y 67'462.3 71'114.7 2.95x 2.77x 30'304.1 32'667.8 6.57x 6.10x 13'850.2 15'004.8 11.32x 10.29x S&P Issuer Ratings

FQ+1

FQ+2

15.11.2010 A+ STABLE 06.02.2008 A-1 27.23 5.02 1.03 1.25 49.8% 32.8% 0.49 0.67 43.13 -

Sales/Revenue/Turnover

12.00

80'000.0 70'000.0

10.00

60'000.0 8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.07.2010

10'000.0 0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

BHP Billiton PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK GEPF EQUITY ABERDEEN NORGES BANK INVESTME VANGUARD GROUP INC SCOTTISH WIDOWS FRANKLIN RESOURCES PEOPLES REPUBLIC OF STATE STREET CORP INDUSTRIAL DEVELOPME UBS AG BNP PARIBAS SA FIL LIMITED AXA SCHRODER INVESTMENT ALECTA INVESTMENT MA PRUDENTIAL PLC Northern Cross Inter HARBOR CAPITAL ADVIS

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

JPMorgan FRASER JAMIESON Canaccord Genuity Corp PETER MALLIN-JONES Deutsche Bank ANNA MULHOLLAND Sanford C. Bernstein & Co PAUL GAIT Macquarie JEFFREY LARGEY AlphaValue SACHIN KUMAR Exane BNP Paribas SYLVAIN BRUNET Credit Suisse PAUL MCTAGGART Nomura SAM CATALANO Liberum Capital Ltd RICHARD KNIGHTS RBC Capital Markets DES KILALEA Day by Day VALERIE GASTALDY Jefferies Christopher LaFemina Investec ALBERT MINASSIAN Natixis RAOUDHA BOUZEKRI Independent Research GmbH SVEN DIERMEIER Societe Generale ABHISHEK SHUKLA UBS MYLES ALLSOP Avior Research CLINTON DUNCAN BMO Capital Markets TONY ROBSON Morgan Stanley MENNO SANDERSE Goldman Sachs MICHELE DELLA VIGNA S&P Capital IQ JOHNSON IMODE EVA Dimensions TIMOTHY STANISH Barclays DAVID BUTLER Espirito Santo Investment Bank Research NICK MELLOR HSBC ANDREW KEEN SBG Securities PETER DAVEY Redburn Partners SIMON TOYNE Imara STEPHEN MEINTJES Standard Chartered SUBRAMANIAM VARADA

Source ULT-AGG ULT-AGG 20F ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG 20F ULT-AGG REG ULT-AGG ULT-AGG REG REG ULT-AGG REG MF-AGG

Recommendation neutral hold buy outperform outperform add underperform neutral buy buy outperform hold buy hold buy hold sell buy outperform outperform Overwt/In-Line neutral/neutral sell buy overweight buy overweight buy neutral hold in-line

Amt Held 172'687'106 168'784'326 87'131'000 79'489'309 65'345'943 59'082'815 49'378'270 44'295'906 39'732'063 35'453'649 33'804'582 28'268'660 25'260'320 23'403'934 21'572'365 21'127'581 19'570'000 19'385'286 19'195'308 18'768'637

% Out 8.18 7.99 4.13 3.76 3.09 2.8 2.34 2.1 1.88 1.68 1.6 1.34 1.2 1.11 1.02 1 0.93 0.92 0.91 0.89

Weighting

Change 3 3 5 5 5 4 1 3 5 5 5 3 5 3 5 3 1 5 5 5 5 3 1 5 5 5 5 5 3 3 3

M M M M M U M M M M M M M M M M M M M M M M M U M U M M M M D

Latest Chg (2'010'116) 7'984'859 3'690'452 (3'950'848) 209'810 6'839'307 1'570'469 2'698'684 (770'024) 5'127'605 (1'775'088) (212'158) (1'345'049) 500'000 342'337 (371'341) 79'795

Target Price 2'345 2'050 2'500 2'250 2'250 2'022 1'650 2'250 2'200 #N/A N/A 2'200 #N/A N/A 2'350 2'001 2'275 2'100 1'654 2'180 2'443 2'250 2'000 2'000 1'700 #N/A N/A 2'225 2'130 1'990 2'200 #N/A N/A #N/A N/A 2'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 26.09.2013 24.08.2012 31.08.2013 01.05.2013 30.06.2013 31.08.2013 30.06.2013 01.05.2013 27.09.2013 24.08.2012 27.09.2013 01.05.2013 01.05.2013 30.06.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 30.06.2013

Date 9 month 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Unclassified Investment Advisor n/a Investment Advisor Government Unclassified Unclassified Investment Advisor Government Investment Advisor Unclassified Unclassified Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Unclassified Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 16.09.2013 16.09.2013 09.09.2013 05.09.2013 29.08.2013 28.08.2013 22.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 19.08.2013 01.08.2013 16.07.2013 28.06.2013 24.06.2013 09.04.2013 08.09.2012

30.09.2013

Unilever NV Unilever NV manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with ULVR LN.

Price/Volume 35

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNA NA EQUITY YTD Change UNA NA EQUITY YTD % CHANGE

12/2012 06/yy 33.09 27.34 1'997'918.00 28.775 -13.06% 5.25% 25.30% 1'714.7 87'429.95 10'221.00 0.0 557.0 2'866.00 99'499.95

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 40'523.0 1.40x 6'793.0 8.36x 5'027.0 9.69x

31.12.2009 31.12.2010 39'823.0 44'262.0 1.77x 1.64x 6'887.0 7'620.0 10.25x 9.54x 3'370.0 4'244.0 18.80x 15.43x Profitability

LTM-4Q 31.12.2011 46'467.0 1.82x 7'462.0 11.30x 4'252.0 17.60x

31.12.2012 51'324.0 1.75x 8'188.0 10.94x 4'480.0 18.25x 8'188.00 6'989.00 13.62% 13.02% 9.59% 34.61% 19.15% 1.04% 40.2% 16.9% 14.6% 8.7% 0.77 0.36 22.14% 67.43% -

Price/ Cash Flow

LTM

06/yy 49'077.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 51'426.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

3.48 0.73 8.17% 2.39% 0.733 39 3.590 4'481'114 4'356'573 4'332'363 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 51'242.9 53'283.8 13'144.7 12'638.7 1.86x 1.77x 8'562.9 9'029.0 11.61x 11.01x 4'701.7 5'079.4 1'140.0 1'190.0 17.98x 16.63x S&P Issuer Ratings

05.10.2000 A+ STABLE 05.10.2000 A-1 15.57 11.81 1.34 1.83 67.4% 39.4% 1.04 5.61 -8.85

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Unilever NV Holdings By:

All

Holder Name FOUNDATION UNILEVER UNILEVER NV AXA INVESTMENT MANAG BLACKROCK NORGES BANK VANGUARD GROUP INC CAPITAL GROUP COMPAN FMR LLC DEUTSCHE BANK AG FIL LIMITED ARTISAN PARTNERS HOL WILLIAM BLAIR & COMP AMUNDI UNION INVESTMENT GMB ACHMEA BELEGGINSFOND MORGAN STANLEY ALLIANZ ASSET MANAGE ING INVESTMENT MANAG DEKABANK DEUTSCHE GI THREADNEEDLE

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

ING Bank MARCO GULPERS JPMorgan CELINE PANNUTI Credit Suisse CHARLES MILLS Sanford C. Bernstein & Co ANDREW WOOD Exane BNP Paribas JEFF STENT Morgan Stanley EILEEN KHOO Liberum Capital Ltd PABLO ZUANIC Hamburger Sparkasse TINA HECKING-VELTMAN RBC Capital Markets JAMES EDWARDES JONES Goldman Sachs ROSIE EDWARDS Espirito Santo Investment Bank Research ALEX SMITH Natixis PIERRE TEGNER Nomura DAVID HAYES UBS ALAN ERSKINE Canaccord Genuity Corp EDDY HARGREAVES Rabobank International KAREL ZOETE Theodoor Gilissen Securities TOM MULLER Helvea ANDREAS VON ARX SNS Securities(ESN) RICHARD WITHAGEN Kepler Cheuvreux JON COX S&P Capital IQ CARL SHORT Day by Day VALERIE GASTALDY Societe Generale WARREN L ACKERMAN Jefferies ALEX HOWSON Independent Research GmbH LARS LUSEBRINK Berenberg Bank JAMES TARGETT Main First Bank AG ALAIN-SEBASTIAN OBERHUBER ABN Amro Bank N.V. ROBERT JAN VOS HSBC CEDRIC BESNARD Landesbank Baden-Wuerttemberg BARBARA AMBRUS Barclays IAIN SIMPSON Petercam FERNAND DE BOER EVA Dimensions CRAIG STERLING Kempen & Co ERWIN DUT Mirabaud Securities JULIAN LAKIN Banco Sabadell IGNACIO ROMERO Aurel - BGC JEAN-MARIE L'HOME Redburn Partners JEREMY FIALKO

Source Co File Co File MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation hold neutral underperform outperform neutral Equalwt/In-Line buy buy underperform Buy/Neutral neutral reduce buy buy hold buy buy buy reduce buy buy hold buy hold hold buy outperform hold overweight hold overweight reduce overweight hold hold sell hold neutral

Amt Held 1'321'784'807 141'560'629 58'405'762 53'670'976 41'882'875 19'799'857 19'523'232 12'073'477 11'102'682 9'847'975 9'468'509 8'060'499 7'321'360 6'562'016 6'341'513 6'297'297 5'929'524 5'417'382 5'206'317 4'934'643

% Out 77.08 8.26 3.41 3.13 2.44 1.15 1.14 0.7 0.65 0.57 0.55 0.47 0.43 0.38 0.37 0.37 0.35 0.32 0.3 0.29

Weighting

Change 3 3 1 5 3 3 5 5 1 5 3 2 5 5 3 5 5 5 2 5 5 3 5 3 3 5 5 3 5 3 5 2 5 3 3 1 3 3

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M D M M M M M M

Latest Chg 58'405'762 (15'301) (10'348'242) 1'392'749 1'903'776 2'203'162 21'507 (60'991) 3'591'219 722'982 243 226'618 (63'786) (65'812) 338'475 227'418

Target Price 31 30 31 36 33 30 37 #N/A N/A 30 38 32 29 34 33 31 35 33 35 28 34 35 #N/A N/A 36 32 33 36 36 30 36 32 36 30 #N/A N/A 33 33 26 26 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.03.2013 31.12.2012 31.05.2013 26.09.2013 31.12.2012 30.06.2013 31.07.2013 31.07.2013 31.07.2013 30.04.2013 31.03.2013 30.06.2013 30.04.2013 28.03.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.09.2013 31.05.2013

Date 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided

Inst Type Other Other Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Unclassified

Date 30.09.2013 27.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 20.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 09.09.2013 05.09.2013 27.08.2013 22.08.2013 15.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 05.07.2013 06.06.2013 04.06.2013 29.04.2013 15.02.2013 23.01.2013 24.09.2012

30.09.2013

Rio Tinto PLC Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO AU.

Price/Volume 4000

14.0 M

3500

12.0 M

3000

10.0 M

2500

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIO LN EQUITY YTD Change RIO LN EQUITY YTD % CHANGE

12/2012 06/yy 3'838.00 2'579.50 1'502'841.00 2989.5 -22.08% 15.89% 38.74% 1'412.6 57'781.40 27'019.00 0.0 11'156.0 7'615.00 126'196.29

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

1500 1000

4.0 M

500

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 54'264.0 1.28x 18'964.0 3.66x 3'676.0 6.19x

8.0 M

2000

Valuation Analysis

31.12.2009 31.12.2010 41'825.0 55'171.0 5.29x 4.32x 10'920.0 22'752.0 20.24x 10.46x 4'872.0 14'238.0 18.14x 9.63x Profitability

LTM-4Q 31.12.2011 60'537.0 2.78x 26'657.0 6.30x 5'826.0 16.07x

31.12.2012 50'967.0 4.12x 15'902.0 13.19x (2'990.0) 15'902.00 11'461.00 22.49% -5.04% -6.02% -14.21% 0.42% 31.1% 21.8% -5.9% 1.29 0.78 22.98% 57.65% 8.82 -

Price/ Cash Flow

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

06/yy 46'038.0 8.17x 13'532.0 0.00x 9'402.0 0.00x

FY+1

3.69 1.48 1'228.24 7.27% -11.87% 1.484 31 4.516 3'014'557 3'517'054 3'991'371 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 51'683.2 54'762.4 2.45x 2.28x 19'042.4 21'290.1 6.63x 5.93x 9'048.0 10'359.0 9.76x 8.65x S&P Issuer Ratings

18.04.2011 ANEG 08.07.2009 A-2 10.90 -1.07 1.42 1.92 57.7% 31.8% 0.42 0.68 41.36 -

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0 50'000.0

8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Rio Tinto PLC Holdings By:

All

Holder Name SHINING PROSPECT PTE BLACKROCK LEGAL & GENERAL CAPITAL GROUP COMPAN UBS AG SCOTTISH WIDOWS ABERDEEN VANGUARD GROUP INC PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I BNP PARIBAS SA STATE STREET CORP STANDARD LIFE INVEST JP MORGAN PRUDENTIAL PLC AXA AVIVA PLC AVIVA INVESTORS SCHRODER INVESTMENT CREDIT SUISSE AG

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Investec TIM GERRARD JPMorgan DOMINIC O'KANE Canaccord Genuity Corp PETER MALLIN-JONES Deutsche Bank ROBERT CLIFFORD Sanford C. Bernstein & Co PAUL GAIT Macquarie JEFFREY LARGEY Nomura SAM CATALANO AlphaValue SACHIN KUMAR Credit Suisse JAMES GURRY Day by Day VALERIE GASTALDY Exane BNP Paribas LUC PEZ Liberum Capital Ltd RICHARD KNIGHTS RBC Capital Markets DES KILALEA Morgan Stanley MENNO SANDERSE Jefferies Christopher LaFemina Goldman Sachs MICHELE DELLA VIGNA BMO Capital Markets TONY ROBSON Societe Generale ABHISHEK SHUKLA Natixis RAOUDHA BOUZEKRI S&P Capital IQ JOHNSON IMODE Independent Research GmbH SVEN DIERMEIER Espirito Santo Investment Bank Research NICK MELLOR UBS MYLES ALLSOP Barclays AMOS FLETCHER HSBC ANDREW KEEN SBG Securities PETER DAVEY Redburn Partners SIMON TOYNE EVA Dimensions TIMOTHY STANISH Standard Chartered SUBRAMANIAM VARADA Axiom Capital GORDON L JOHNSON

Source REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG MF-AGG REG REG ULT-AGG

Recommendation buy overweight buy buy outperform outperform buy reduce outperform buy outperform buy outperform Equalwt/In-Line buy Sell/Neutral outperform buy neutral buy buy buy buy equalweight overweight buy buy hold outperform sell

Amt Held 182'550'329 127'744'871 53'572'054 41'031'494 32'700'781 32'090'672 31'610'232 30'708'074 24'082'565 22'868'087 22'673'647 22'285'560 21'644'386 18'800'150 15'717'679 14'883'693 14'259'821 13'892'388 13'034'042 12'394'711

% Out 12.92 9.04 3.79 2.9 2.31 2.27 2.24 2.17 1.7 1.62 1.61 1.58 1.53 1.33 1.11 1.05 1.01 0.98 0.92 0.88

Weighting

Change 5 5 5 5 5 5 5 2 5 5 5 5 5 3 5 1 5 5 3 5 5 5 5 3 5 5 5 3 5 1

M M M M M M M M M M M M M M M M M M M M M U M M M M M M M N

Latest Chg (364'086) 1'306'110 383'206 561'615 (534'999) 1'154'958 229'621 (2'842'902) 3'467 (224'208) (2'141'734) 1'116'256 1'026'407 323'537 294'310 (105'047) (1'887'256)

Target Price 3'303 4'300 4'000 4'570 4'125 4'200 3'700 2'968 3'900 3'740 4'070 #N/A N/A 3'800 3'590 3'600 2'550 3'500 3'698 3'300 3'800 3'500 3'980 3'650 3'000 4'070 3'460 #N/A N/A #N/A N/A 3'430 2'059

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.06.2013 26.09.2013 31.07.2013 31.07.2013 27.09.2013 31.07.2013 31.07.2013 30.06.2013 03.06.2013 31.07.2013 03.06.2013 27.09.2013 03.06.2013 31.08.2013 30.06.2013 03.06.2013 31.07.2013 03.06.2013 03.06.2013 03.06.2013

Date 12 month 9 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided 3 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month

Inst Type Holding Company Investment Advisor Unclassified Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Government Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 24.09.2013 23.09.2013 18.09.2013 16.09.2013 09.09.2013 09.09.2013 05.09.2013 04.09.2013 29.08.2013 29.08.2013 12.08.2013 09.08.2013 01.08.2013 30.07.2013 26.07.2013 16.07.2013 28.06.2013 24.06.2013 06.06.2013 22.11.2012 30.07.2012

30.09.2013

Lloyds Banking Group PLC Lloyds Banking Group plc, through subsidiaries and associated companies, offers a range of banking and financial services. The Company provides retail banking, mortgages, pensions, asset management, insurance services, corporate banking, and treasury services.

Price/Volume 90

800.0 M

700.0 M

600.0 M

500.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (09.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LLOY LN EQUITY YTD Change LLOY LN EQUITY YTD % CHANGE

12/2012 06/yy 78.78 36.74 47'274'270.00 73.3 -6.97% 99.54% 89.18% 71'367.2 52'460.47 194'299.00 0.0 685.0 105'871.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

300.0 M

30 20

200.0 M

100.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 20'413.0 772.0 18.90x

400.0 M

Valuation Analysis

31.12.2009 31.12.2010 44'007.0 43'432.0 2'827.0 (320.0) 6.76x Profitability

LTM-4Q 31.12.2011 35'780.0 (2'787.0) -

31.12.2012 36'408.0 (1'427.0) 8.49% -2.60% 0.09% 1.81% 0.36% 0.04% -6.5% 21.02% 441.60% -

LTM

06/yy 34'977.0 0.00x 0.0 0.00x (1'179.0) 0.00x

06/yy 37'215.0 0.00x 0.0 0.00x 809.0 56.75x

FY+1

0.00 1.40 48'032.00 88.77% 52.98% 1.403 33 3.515 ######### ######### ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'435.0 18'416.8 4'575.0 4'604.0 3'627.2 4'403.1 13.83x 11.28x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 441.6% 81.3% 0.04 4.90 -

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

30'000.0 25'000.0 20'000.0 15'000.0 10'000.0

0.20

5'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Lloyds Banking Group PLC Holdings By:

All

Holder Name UNITED KINGDOM GOVER BLACKROCK FIL LIMITED LEGAL & GENERAL HALIFAX SHARE DEALIN NORGES BANK INVESTME UBS AG VANGUARD GROUP INC NORGES BANK Northern Cross Inter SCOTTISH WIDOWS HARBOR CAPITAL ADVIS FRANKLIN RESOURCES STANDARD LIFE INVEST STATE STREET CORP TD DIRECT INVESTING DEUTSCHE PRIVATE BAN HARRIS ASSOCIATES LP HARRIS ASSOCIATES LP PRUDENTIAL PLC

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

AlphaValue DAVID GRINSZTAJN JPMorgan RAUL SINHA Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Investec IAN GORDON Deutsche Bank JASON NAPIER Jefferies JOSEPH DICKERSON S&P Capital IQ FRANK BRADEN Numis Securities Ltd MICHAEL J TRIPPITT Goldman Sachs FREDERIK THOMASEN Redburn Partners FAHED KUNWAR Sanford C. Bernstein & Co CHIRANTAN BARUA Shore Capital Stockbrokers GARY GREENWOOD Morgan Stanley CHRISTOPHER MANNERS Berenberg Bank JAMES CHAPPELL Macquarie EDWARD FIRTH Grupo Santander ARTURO DE FRIAS Day by Day VALERIE GASTALDY HSBC PETER TOEMAN Credit Suisse CARLA ANTUNES-SILVA UBS JOHN-PAUL CRUTCHLEY Societe Generale JAMES INVINE Mediobanca SpA CHRISTOPHER J WHEELER RBC Capital Markets CLAIRE KANE Barclays ROHITH CHANDRA-RAJAN Keefe, Bruyette & Woods MARK J PHIN Canaccord Genuity Corp GARETH HUNT Oriel Securities Ltd VIVEK RAJA Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Liberum Capital Ltd CORMAC LEECH Daniel Stewart & Co SIMON WILLIS EVA Dimensions AUSTIN BURKETT

Source RNS-MAJ ULT-AGG ULT-AGG ULT-AGG REG REG ULT-AGG ULT-AGG MF-AGG REG ULT-AGG MF-AGG ULT-AGG REG ULT-AGG REG REG REG MF-AGG ULT-AGG

Recommendation sell neutral neutral outperform hold buy hold hold add neutral/neutral buy outperform buy Overwt/In-Line sell underperform buy hold overweight neutral buy buy outperform outperform overweight underperform Under Review hold sell buy sell sell

Amt Held 23'326'529'533 2'605'742'339 1'753'214'825 1'596'221'504 1'405'483'353 1'315'234'776 1'250'559'585 1'073'537'233 1'051'964'895 986'276'991 959'058'246 943'794'318 803'787'493 765'389'162 708'682'159 680'235'802 650'331'357 567'521'700 541'942'300 510'517'833

% Out 32.69 3.65 2.46 2.24 1.97 1.84 1.75 1.5 1.47 1.38 1.34 1.32 1.13 1.07 0.99 0.95 0.91 0.8 0.76 0.72

Latest Chg (4'282'034'109) 90'188'805 (166'613'564) (95'090'074) 381'533'402 98'758'020 85'558'919 (1'248'914) 307'924'915 (61'166'490) (21'208'752) (6'577'499) (18'272'867) (227'328'310) (309'943'400) (52'741'900) 14'303'079

Weighting

Change

Target Price

1 3 3 5 3 5 3 3 4 3 5 5 5 5 1 1 5 3 5 3 5 5 5 5 5 1 #N/A N/A 3 1 5 1 1

M M M M U M M M M M M M M M M M M M M M M M M M U M M M M M M M

55 84 64 90 76 77 69 75 85 75 #N/A N/A 100 #N/A N/A 100 50 60 88 #N/A N/A 90 65 100 86 80 88 85 54 #N/A N/A 68 59 62 39 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 20.09.2013 26.09.2013 01.09.2013 01.09.2013 01.09.2013 01.09.2013 27.09.2013 01.09.2013 31.12.2012 01.09.2013 01.09.2013 30.06.2013 01.09.2013 01.09.2013 27.09.2013 01.09.2013 01.09.2013 01.09.2013 30.06.2013 01.09.2013

Date 6 month 15 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Government Investment Advisor Investment Advisor Unclassified Corporation Government Unclassified Unclassified Government Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 24.09.2013 23.09.2013 17.09.2013 17.09.2013 17.09.2013 11.09.2013 11.09.2013 06.09.2013 06.09.2013 04.09.2013 02.09.2013 29.08.2013 28.08.2013 23.08.2013 15.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 22.07.2013 02.04.2013 01.03.2013 17.01.2013

30.09.2013

Eni SpA Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces natural gas and imports it for sale in Italy and elsewhere in Europe. Eni transports natural gas in pipelines. The Company generates and trades electricity, refines oil, and operates gasoline service stations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENI IM EQUITY YTD Change ENI IM EQUITY YTD % CHANGE

12/2012 06/yy 19.59 15.16 8'676'029.00 16.87 -13.88% 11.28% 44.02% 3'634.2 61'308.71 24'463.00 0.0 3'514.0 8'000.00 80'688.71

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 108'082.0 0.74x 26'939.0 2.98x 8'825.0 6.89x

20 18 16 14 12 10 8 6 4 2 0 o-12

31.12.2009 31.12.2010 83'227.0 98'523.0 1.10x 0.91x 20'817.0 24'992.0 4.39x 3.58x 4'367.0 6'318.0 14.71x 9.39x Profitability

LTM-4Q 31.12.2011 109'589.0 0.83x 25'732.0 3.53x 6'860.0 8.47x

31.12.2012 127'220.0 0.68x 24'564.0 3.52x 7'788.0 16.38x 24'564.00 15'026.00 11.81% 13.05% 4.00% 9.81% 0.86% 16.6% 8.9% 6.1% 1.45 0.82 17.52% 41.32% 6.72 -

Price/ Cash Flow

LTM

FY+1

0.84 2'532.59 5.25% -2.32% 0.845 34 3.765 29'691'860 24'354'930 16'944'400 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 119'417.0 123'293.0 117'157.5 120'143.4 31'541.0 32'708.0 3.07x 2.80x 0.67x 0.66x 2.44x 2.34x 26'157.0 20'502.0 24'795.3 27'986.9 6'946.0 7'525.0 3.80x 4.03x 3.25x 2.88x 2.79x 2.71x 6'903.0 5'762.0 5'136.5 6'367.8 1'419.0 1'712.0 8.82x 24.99x 11.64x 9.49x 10.18x 9.40x S&P Issuer Ratings Long-Term Rating Date 16.07.2013 Long-Term Rating A *Long-Term Outlook Short-Term Rating Date 16.07.2013 Short-Term Rating A-1 *Credit Ratios EBITDA/Interest Exp. 25.07 (EBITDA-Capex)/Interest Exp. 13.61 Net Debt/EBITDA 0.81 Total Debt/EBITDA 1.20 Reference Total Debt/Equity 41.3% Total Debt/Capital 28.1% Asset Turnover 0.86 Net Fixed Asset Turnover 1.92 Accounts receivable turnover-days 54.33 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

8.00

140'000.0

7.00

120'000.0

6.00

100'000.0

5.00

80'000.0

4.00

60'000.0

3.00

40'000.0

2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Eni SpA Holdings By:

All

Holder Name CASSA DEPOSITI E PRE MINISTERO DELL'ECONO NORGES BANK BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC FMR LLC ABERDEEN T ROWE PRICE ASSOCIA FRANKLIN RESOURCES THORNBURG INVESTMENT JP MORGAN VERITAS ASSET MANAGE BNP PARIBAS MERCURY ASSET MANAGE UBS AG DEKABANK DEUTSCHE GI UNION INVESTMENT GMB UNION INVESTMENT LUX AMUNDI

Firm Name Sanford C. Bernstein & Co Goldman Sachs Mediobanca SpA AlphaValue Day by Day Banca Akros(ESN) JPMorgan Raymond James Equita SIM SpA Morgan Stanley Nomura Exane BNP Paribas Macquarie Grupo Santander RBC Capital Markets Barclays Canaccord Genuity Corp Banca IMI UBS Societe Generale Jefferies Landesbank Baden-Wuerttemberg Natixis VTB Capital Deutsche Bank Independent Research GmbH ICBPI S&P Capital IQ Banco Sabadell Kepler Cheuvreux EVA Dimensions Hamburger Sparkasse Investec Pareto Securities

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OSWALD CLINT MICHELE DELLA VIGNA ANDREA SCAURI ALEXANDRE ANDLAUER VALERIE GASTALDY DARIO MICHI NITIN SHARMA BERTRAND HODEE ROBERTO LETIZIA MARTIJN P RATS THEEPAN JOTHILINGAM ALEJANDRO DEMICHELIS MARC B KOFLER JASON KENNEY PETER HUTTON RAHIM KARIM SAMUEL SIMON ROBERTO RANIERI JONATHON RIGBY IRENE HIMONA IAIN REID JENS MUENSTERMANN ANNE PUMIR COLIN SMITH MARK BLOOMFIELD SVEN DIERMEIER LUCA ARENA CHRISTINE TISCARENO JORGE GONZALEZ SADORNIL ENRICO COCO DOUG WALTERS INGO SCHMIDT NEILL MORTON THOMAS AARRESTAD

Source Research Research MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform neutral/cautious outperform reduce buy buy overweight market perform buy Overwt/In-Line neutral underperform outperform hold sector perform overweight sell add buy hold buy buy neutral hold buy sell not rated hold buy hold buy hold hold hold

Amt Held 958'298'322 142'968'850 67'438'543 67'065'119 52'099'300 32'673'825 31'684'426 17'198'850 17'041'681 17'005'119 11'727'100 11'626'309 10'045'209 9'961'153 8'232'415 7'907'422 7'788'888 5'887'750 5'668'299 5'555'953

% Out 26.37 3.93 1.86 1.85 1.43 0.9 0.87 0.47 0.47 0.47 0.32 0.32 0.28 0.27 0.23 0.22 0.21 0.16 0.16 0.15

Weighting

Change

5 3 5 2 5 5 5 3 5 5 3 1 5 3 3 5 1 4 5 3 5 5 3 3 5 1 #N/A N/A 3 5 3 5 3 3 3

M M M M M M M M M M D M M M M M M M M M M M M M M D M M M M M M M N

Latest Chg (5'967'638) (90'000) 58'788 (474'387) 200'300 1'678'014 1'771'267 749'900 575'821 10'044'649 (229'785) 42'068 (26'348) 1'315'312 1'176'636 547'359 (53'225)

Target Price 21 18 21 18 19 22 22 #N/A N/A 21 19 18 18 21 19 21 21 17 19 19 18 22 20 18 19 20 15 #N/A N/A 18 21 18 #N/A N/A #N/A N/A 16 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 22.05.2013 22.05.2013 31.12.2012 26.09.2013 30.06.2013 30.06.2013 31.07.2013 31.08.2013 30.06.2013 28.06.2013 31.07.2013 31.08.2013 30.06.2013 31.07.2013 26.09.2013 27.09.2013 30.09.2013 28.03.2013 28.03.2013 30.04.2013

Date 12 month 12 month 12 month 6 month 3 month 12 month 9 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Other Government Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Bank Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 23.09.2013 20.09.2013 17.09.2013 12.09.2013 12.09.2013 10.09.2013 05.09.2013 04.09.2013 03.09.2013 29.08.2013 28.08.2013 22.08.2013 15.08.2013 08.08.2013 07.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 18.06.2013 17.06.2013 06.06.2013 14.05.2013 25.04.2013 23.04.2010

30.09.2013

ABB Ltd ABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation and robotics.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABBN VX EQUITY YTD Change ABBN VX EQUITY YTD % CHANGE

12/2012 06/yy 22.10 16.11 1'950'221.00 21.26 -3.80% 31.95% 90.48% 2'314.7 49'211.44 10'071.00 0.0 540.0 8'481.00 58'321.19

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 34'912.0 0.83x 5'259.0 5.48x 3'118.0 10.76x

31.12.2009 31.12.2010 31'795.0 31'589.0 1.18x 1.42x 4'892.0 4'733.0 7.67x 9.49x 2'901.0 2'561.0 15.27x 19.85x Profitability

LTM-4Q 31.12.2011 37'990.0 1.10x 5'688.0 7.37x 3'168.0 13.65x

31.12.2012 39'336.0 1.25x 5'294.0 9.31x 2'704.0 17.40x 5'294.00 4'112.00 10.45% 9.76% 6.14% 17.59% 12.54% 0.90% 28.9% 14.1% 10.9% 6.9% 1.48 0.88 20.52% 59.57% 4.56

Price/ Cash Flow

LTM

06/yy 38'478.0 4.40x 5'454.0 7.67x 2'961.0 12.71x

06/yy 40'706.0 5.03x 5'736.0 9.36x 2'790.0 17.77x

FY+1

1.31 2'129.96 24.41% 17.05% 1.311 40 3.625 3'224'727 4'168'775 4'015'151 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 41'183.1 42'796.2 10'007.0 11'297.5 1.36x 1.27x 5.61x 4.98x 6'133.2 6'761.2 1'540.7 1'687.1 9.50x 8.62x 9.17x 9.03x 3'321.7 3'811.0 844.5 959.8 16.20x 14.25x 15.64x S&P Issuer Ratings

08.06.2010 A STABLE 08.06.2010 A-1 18.07 13.66 0.60 1.42 59.6% 36.6% 0.90 7.28 80.03 60.35 89.35

Sales/Revenue/Turnover

25.00

45'000.0 40'000.0

20.00

35'000.0 30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00

5'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

ABB Ltd Holdings By:

All

Holder Name INVESTOR AB BLACKROCK NORGES BANK CREDIT SUISSE AG VANGUARD GROUP INC SWEDBANK ROBUR FONDE UBS AG HARBOR CAPITAL ADVIS NORDEA FONDER AB/SWE PICTET FUNDS SEB AMF FONDER AB SKAGEN AS CAPITAL GROUP COMPAN INVESCO LTD HANDELSBANKEN FONDER SWISSCANTO FONDSLEIT FOLKSAM LO FOND AB NEW YORK LIFE INVEST OPPENHEIMERFUNDS INC

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Credit Suisse SIMON TOENNESSEN RBC Capital Markets ANDREW CARTER AlphaValue HEINZ STEFFEN Barclays JAMES STETTLER Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research ROB VIRDEE Exane BNP Paribas OLIVIER ESNOU HSBC COLIN GIBSON Helvea STEFAN GAECHTER Goldman Sachs DANIELA COSTA EVA Dimensions TIMOTHY STANISH Hamburger Sparkasse MARCO GUENTHER Societe Generale SEBASTIEN GRUTER Morgan Stanley BEN UGLOW Bank am Bellevue MICHAEL ROOST UBS FREDRIC STAHL JPMorgan ANDREAS WILLI Zuercher Kantonalbank RICHARD FREI Independent Research GmbH MARKUS FRIEBEL Nordea Equity Research ANDREAS BROCK Berenberg Bank WILLIAM MACKIE Bank Vontobel AG TAKIS SPILIOPOULOS Danske Markets CARL GUSTAFSSON Deutsche Bank MARTIN WILKIE ABG Sundal Collier ANDERS IDBORG Landesbank Baden-Wuerttemberg VOLKER STOLL SEB Enskilda DANIEL SCHMIDT Carnegie KENNETH TOLL JOHANSSON Canaccord Genuity Corp ANDREW BELL Handelsbanken HAMPUS ENGELLAU Swedbank MATS LISS Natixis ARNAUD SCHMIT Nomura DANIEL CUNLIFFE S&P Capital IQ JAWAHAR HINGORANI Main First Bank AG CHRISTOPHER YOUL Baden Hill LLP NICHOLAS WOODIFIELD Kepler Cheuvreux CHRISTOPHER LADNER Redburn Partners JAMES MOORE Pareto Securities DAVID JACOBSSON

Source Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform sector perform reduce equalweight hold neutral underperform underweight buy neutral/neutral hold hold buy Underwt/Cautious hold buy underweight outperform hold buy hold buy buy hold buy hold buy buy hold buy buy neutral buy hold outperform buy hold neutral hold

Amt Held 182'030'142 89'861'036 53'617'789 33'715'781 33'301'443 29'672'514 26'479'160 25'109'683 22'815'966 15'192'696 14'366'955 11'080'901 10'641'737 9'900'000 9'141'820 8'261'233 7'809'229 7'750'666 5'905'912 5'368'860

% Out 7.86 3.88 2.32 1.46 1.44 1.28 1.14 1.08 0.99 0.66 0.62 0.48 0.46 0.43 0.39 0.36 0.34 0.33 0.26 0.23

Weighting

Change 5 3 2 3 3 3 1 1 5 3 3 3 5 1 3 5 1 5 3 5 3 5 5 3 5 3 5 5 3 5 5 3 5 3 5 5 3 3 3

M M D M M D M D M D U M M M M M M M M M M M M M M D M M M M M M M M M M M M M

Latest Chg 52'964 (536'391) 1'544'794 14'183'006 (5'329) (789'433) (188'601) 2'632'729 1'637'501 658'306 248'815 25'220 1'685'882 5'427'446 463'740

Target Price 26 23 22 21 #N/A N/A 23 22 20 25 21 #N/A N/A #N/A N/A 24 20 20 23 22 #N/A N/A 22 23 20 24 25 20 24 22 22 #N/A N/A 20 27 23 20 27 22 24 #N/A N/A 22 #N/A N/A 17

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 26.09.2013 31.12.2012 31.05.2013 30.06.2013 30.06.2013 27.09.2013 30.06.2013 30.08.2013 31.05.2013 26.08.2013 31.03.2013 30.08.2013 30.06.2013 27.09.2013 30.08.2013 28.03.2013 31.03.2013 31.07.2013 31.07.2013

Date Not Provided 12 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 15 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 6 month

Inst Type Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 18.09.2013 16.09.2013 09.09.2013 09.09.2013 28.08.2013 15.08.2013 01.08.2013 30.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 09.07.2013 15.05.2013 17.04.2013 27.07.2012

30.09.2013

Glencore Xstrata PLC Glencore Xstrata plc is a diversified natural resources company. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products. Glencore Xstrata offers its products and services around the world.

Price/Volume 450

120.0 M

400

100.0 M

350 300

80.0 M

250

12/2012 06/yy 386.81 253.22 8'882'437.00 335.75 -13.16% 32.59% 67.96% 13'263.4 44'531.89 35'526.00 0.0 3'034.0 2'820.00 125'240.27

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

150

40.0 M

100

20.0 M

50 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 152'236.0 5'068.0 1'044.0 -

60.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (10.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLEN LN EQUITY YTD Change GLEN LN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 106'364.0 144'978.0 3'074.0 4'474.0 1'633.0 3'751.0 Profitability

LTM-4Q 31.12.2011 186'152.0 0.39x 4'423.0 16.24x 4'048.0 8.50x

31.12.2012 214'436.0 0.36x 4'601.0 16.57x 1'004.0 39.57x 4'601.00 3'128.00 1.46% 0.50% -8.17% -25.36% 1.75% 1.9% 2.4% 1.3% 0.5% 1.15 0.45 33.66% 113.63% 12.32 11.47

Price/ Cash Flow

LTM

FY+1

2.91 1.35 8'430.91 0.89% -1.47% 1.347 27 4.074 19'733'380 29'777'170 27'510'260 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 131'129.0 167'091.0 246'724.6 260'808.2 0.00x 0.48x 0.50x 0.46x 3'708.0 5'333.0 12'105.4 15'030.3 0.00x 15.01x 10.35x 8.33x 2'136.0 4'755.0 3'755.7 5'402.1 0.00x 0.00x 18.82x 13.25x S&P Issuer Ratings Long-Term Rating Date 29.11.2012 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date 29.11.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 3.36 (EBITDA-Capex)/Interest Exp. 1.19 Net Debt/EBITDA 9.47 Total Debt/EBITDA 10.15 Reference Total Debt/Equity 113.6% Total Debt/Capital 50.9% Asset Turnover 1.75 Net Fixed Asset Turnover 4.98 Accounts receivable turnover-days 29.62 Inventory Days 31.83 Accounts Payable Turnover Day Cash Conversion Cycle 32.71 Sales/Revenue/Turnover

70.00

250'000.0

60.00

200'000.0

50.00

150'000.0

40.00 30.00

100'000.0

20.00

50'000.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Glencore Xstrata PLC Holdings By:

All

Holder Name GLASENBERG IVAN QATAR HOLDINGS LLC BLACKROCK MATE BADENE DANIEL F MISTAKIDIS ARISTOTEL PETERSON TOR BEARD ALEXANDER FRAN JSC VERNY CAPITAL LEGAL & GENERAL FEGEL GARY MAHONEY CHRIS FR GALAXY HOLDINGS S STATE STREET CORP CAPITAL GROUP COMPAN ABU DHABI INVESTMENT POPOVIC NIKOLA WOLFENSBERGER CHRIST BLUMGART STEVEN ALVAREZ LUIS CUTLER STUART

Firm Name Deutsche Bank Sanford C. Bernstein & Co Macquarie S&P Capital IQ Exane BNP Paribas Liberum Capital Ltd Nomura AlphaValue Credit Suisse Morgan Stanley RBC Capital Markets UBS Redburn Partners Day by Day JPMorgan Jefferies Independent Research GmbH Barclays Goldman Sachs Societe Generale BMO Capital Markets SBG Securities Standard Chartered Kepler Cheuvreux EVA Dimensions ABN Amro Bank N.V.

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source RNS-MAJ RNS-MAJ ULT-AGG RNS-MAJ RNS-MAJ RNS-MAJ RNS-MAJ RNS-RUL8 ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8

Analyst ROBERT CLIFFORD PAUL GAIT JEFFREY LARGEY JOHNSON IMODE SYLVAIN BRUNET BEN DAVIS SAM CATALANO SACHIN KUMAR LIAM FITZPATRICK MENNO SANDERSE TIMOTHY HUFF MYLES ALLSOP SIMON TOYNE VALERIE GASTALDY DOMINIC O'KANE Christopher LaFemina SVEN DIERMEIER IAN ROSSOUW EUGENE KING ALAIN WILLIAM TONY ROBSON PETER DAVEY SUBRAMANIAM VARADA JOAKIM AHLBERG TIMOTHY STANISH TEUN TEEUWISSE

Recommendation buy outperform outperform buy outperform buy neutral add outperform Equalwt/In-Line outperform neutral buy hold overweight buy hold equalweight neutral/neutral buy restricted sell in-line buy sell buy

Amt Held 1'101'848'752 1'080'779'642 705'228'886 417'468'330 414'730'597 366'074'885 320'260'410 176'742'520 165'545'629 154'814'588 143'834'821 129'372'165 122'267'999 117'078'214 99'299'065 93'437'150 87'403'187 86'736'565 81'654'211 78'568'743

% Out 8.31 8.15 5.32 3.15 3.13 2.76 2.41 1.33 1.25 1.17 1.08 0.98 0.92 0.88 0.75 0.7 0.66 0.65 0.62 0.59

Weighting

Change

5 5 5 5 5 5 3 4 5 3 5 3 5 3 5 5 3 3 3 5 #N/A N/A 1 3 5 1 5

M M M N M M M M M M M D M M M M M M M M M M D N M N

Latest Chg 19'799'811 16'875'000 (896'343) (455'409) 3'072'650 200'000

Target Price 367 525 390 390 410 #N/A N/A 290 359 400 309 350 335 #N/A N/A #N/A N/A 380 425 370 305 270 345 #N/A N/A 270 342 360 #N/A N/A 415

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.05.2013 02.05.2013 26.09.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 11.10.2012 31.07.2013 15.02.2012 15.02.2012 29.01.2013 27.09.2013 31.07.2013 02.02.2012 15.02.2012 15.02.2012 15.02.2012 15.02.2012 18.05.2012

Date 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 9 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month

Inst Type n/a Government Investment Advisor n/a n/a n/a n/a Investment Advisor Unclassified n/a n/a Holding Company Investment Advisor Investment Advisor Government n/a n/a n/a n/a n/a

Date 26.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 26.08.2013 12.08.2013 17.07.2013 28.06.2013 21.06.2013 18.06.2013 06.06.2013 31.10.2012

30.09.2013

Cie Financiere Richemont SA Compagnie Financiere Richemont SA, through subsidiaries, manufactures and retails luxury goods. The Company produces jewelry, watches, leather goods, writing instruments, and men's and women's wear.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CFR VX EQUITY YTD Change CFR VX EQUITY YTD % CHANGE

03/2013 03/yy 96.15 56.55 675'411.00 90.45 -5.93% 59.95% 88.64% 522.0 51'936.39 1'938.00 0.0 (1.0) 5'155.00 39'224.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.03.2010 31.03.2011 5'176.0 6'892.0 2.82x 2.72x 1'259.0 1'669.0 11.59x 11.22x 599.0 1'090.0 26.38x 20.65x Profitability

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.03.2012 8'868.0 2.56x 2'387.0 9.50x 1'544.0 16.70x

31.03.2013 10'150.0 3.02x 2'817.0 10.88x 2'013.0 16.74x

2'817.00 2'434.00 23.98% 23.40% 15.33% 21.45% 0.77% 64.2% 27.8% 24.0% 19.8% 3.05 1.66 13.37% 18.97% 19.21 0.91

Price/ Cash Flow

LTM

03/yy 6'430.0 0.00x 0.0 0.00x 0.0 0.00x

03/yy 9'697.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.42 521.72 62.09% 28.04% 1.424 37 3.919 954'472 1'008'346 990'627 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 11'034.6 12'075.7 3.47x 3.07x 3'087.3 3'455.9 12.70x 11.34x 2'248.6 2'507.9 18.47x 16.46x S&P Issuer Ratings

74.13 58.55 -1.14 0.69 19.0% 15.9% 0.77 6.12 19.01 401.84 112.06 308.78

Sales/Revenue/Turnover

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 02.04.2010

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

Fiscal Year Ended 31.03.2009 5'418.0 1.05x 1'345.0 4.23x 1'075.0 8.94x

100 90 80 70 60 50 40 30 20 10 0 o-12

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Cie Financiere Richemont SA Holdings By:

All

Holder Name NORGES BANK CARMIGNAC GESTION HARBOR CAPITAL ADVIS VANGUARD GROUP INC BLACKROCK CREDIT SUISSE AG GARDNER RUSSO & GARD UBS AG OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE HARRIS ASSOCIATES LP PICTET FUNDS SUN LIFE FINANCIAL I T ROWE PRICE ASSOCIA FMR LLC JANUS CAPITAL MANAGE FIL LIMITED CAPITAL GROUP COMPAN SWISSCANTO FONDSLEIT ALLIANCE BERNSTEIN

Firm Name UBS Sanford C. Bernstein & Co Aurel - BGC Kepler Cheuvreux Societe Generale Credit Suisse Nomura Exane BNP Paribas AlphaValue Renaissance Capital Cantor Fitzgerald Mirabaud Securities Deutsche Bank Telsey Advisory Group Morgan Stanley JPMorgan Zuercher Kantonalbank Independent Research GmbH Oddo & Cie Bryan Garnier & Cie S&P Capital IQ Main First Bank AG Berenberg Bank HSBC Barclays Macquarie Bank am Bellevue Day by Day Redburn Partners BNP Paribas Cadiz Securities Goldman Sachs Bank Vontobel AG Natixis ISI Group Investec EVA Dimensions Avior Research

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a GARDNER RUSSO & GARD n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a

Analyst EVA QUIROGA MARIO ORTELLI DAVID DA MAIA JON COX THIERRY COTA ROGERIO FUJIMORI CHRISTOPHER WALKER LUCA GIUSEPPE SOLCA VIRGINIE BLIN REY WIUM ALLEGRA PERRY ALESSANDRO MIGLIORINI FRANCESCA DI PASQUANTONIO DANA TELSEY NATASHA MOOLMAN MELANIE A FLOUQUET PATRIK SCHWENDIMANN LARS LUSEBRINK LEOPOLD AUTHIE LOIC MORVAN WILLIAM MACK MATTHIAS EIFERT JOHN GUY ERWAN RAMBOURG HELEN NORRIS WYNAND VAN ZYL SERGE MONNERAT VALERIE GASTALDY ANNABEL GLEESON JASMINE LIN WILLIAM HUTCHINGS RENE WEBER JOSEPHINE CHEVALLIER OMAR SAAD THANE DUFF CRAIG STERLING MATHEW MENEZES

Source MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy outperform hold buy buy outperform buy outperform reduce hold hold accumulate buy no rating system Equalwt/In-Line neutral market perform hold buy buy buy underperform hold overweight overweight outperform hold hold buy hold Buy/Neutral hold neutral strong buy hold underweight neutral

Amt Held 12'658'931 11'746'169 9'166'906 8'091'303 7'542'610 7'296'213 6'797'657 5'953'421 4'474'079 3'732'573 3'662'500 3'492'016 3'120'488 3'005'205 2'208'497 2'207'609 2'075'606 1'897'534 1'535'081 1'460'368

% Out 2.43 2.25 1.76 1.55 1.44 1.4 1.3 1.14 0.86 0.72 0.7 0.67 0.6 0.58 0.42 0.42 0.4 0.36 0.29 0.28

Weighting

Change

5 5 3 5 5 5 5 5 2 3 3 4 5 #N/A N/A 3 3 3 3 5 5 5 1 3 5 5 5 3 3 5 3 5 3 3 5 3 1 3

M M M M M M M M M M M N M M M M D M M M M M M M M M M M M M M M M M M U D

Latest Chg (681'540) 42'933 (801'577) (65'642) (528'190) (34'361) 133'758 147'089 1'093'200 (42'645) 180'971 134'902 425'944 (3'188'126) (1'072'579) 166'100 21'369 188'677

Target Price 101 105 96 110 115 100 105 110 84 89 90 110 86 97 80 95 #N/A N/A 99 100 95 105 85 86 104 107 109 72 #N/A N/A #N/A N/A 87 121 90 75 105 87 #N/A N/A 70

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 28.06.2013 30.06.2013 30.06.2013 26.09.2013 30.08.2013 30.06.2013 27.09.2013 31.07.2013 31.08.2013 30.06.2013 30.08.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013 30.04.2013 31.07.2013 28.03.2013 30.06.2013

Date 12 month 12 month 6 month Not Provided 12 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month 18 month Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 20.09.2013 20.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 10.09.2013 05.09.2013 28.08.2013 19.08.2013 13.08.2013 23.07.2013 17.07.2013 15.07.2013 17.05.2013 17.05.2013 17.05.2013 16.05.2013 25.03.2013 21.03.2013 05.09.2012

30.09.2013

LVMH Moet Hennessy Louis Vuitton SA LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The Company produces and sells champagne, cognac, perfumes, cosmetics, luggage, watches and jewelry.

Price/Volume 160

2.5 M

140

2.0 M

120 100

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MC FP EQUITY YTD Change MC FP EQUITY YTD % CHANGE

12/2012 06/yy 150.05 117.00 255'848.00 144.75 -3.50% 23.72% 87.90% 507.9 73'511.73 6'812.00 0.0 1'102.0 2'196.00 79'800.74

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

60 40

.5 M

20 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 17'193.0 1.60x 4'323.0 6.34x 2'026.0 11.16x

1.5 M

Valuation Analysis

31.12.2009 31.12.2010 17'053.0 20'320.0 2.41x 3.08x 4'055.0 5'106.0 10.13x 12.27x 1'755.0 3'032.0 21.13x 19.36x Profitability

LTM-4Q 31.12.2011 23'659.0 2.56x 6'150.0 9.84x 3'065.0 17.45x

31.12.2012 28'103.0 2.67x 7'016.0 10.71x 3'424.0 20.23x 7'016.00 5'921.00 21.07% 20.39% 6.65% 13.54% 11.73% 0.58% 64.7% 24.8% 20.7% 12.2% 1.51 0.44 13.64% 27.73% 17.21 1.35

Price/ Cash Flow

LTM

06/yy 26'333.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 28'832.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.07 1.04 256.68 26.58% 5.83% 1.035 35 4.257 617'333 678'903 718'756 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 30'122.0 33'195.8 7'371.0 8'808.5 2.63x 2.34x 7'433.3 8'329.4 10.73x 9.57x 3'696.7 4'191.1 19.81x 17.41x S&P Issuer Ratings

20.05.2011 A POS 20.05.2011 A-1 42.27 32.55 0.73 1.00 27.7% 21.0% 0.58 3.37 21.20 269.47 99.90 177.70

Sales/Revenue/Turnover

20.00

30'000.0

18.00

25'000.0

16.00 14.00

20'000.0

12.00

15'000.0

10.00 8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

LVMH Moet Hennessy Louis Vuitton SA Holdings By:

All

Holder Name GROUPE ARNAULT SAS LVMH MOET HENNESSY L NORGES BANK SUN LIFE FINANCIAL I QATAR HOLDINGS LLC THORNBURG INVESTMENT BLACKROCK VANGUARD GROUP INC OPPENHEIMERFUNDS INC AMUNDI FMR LLC BNP PARIBAS NATIXIS ASSET MANAGE CAPITAL GROUP COMPAN ALLIANZ ASSET MANAGE TRAPANI FRANCESCO FIL LIMITED AVIVA PLC HARRIS ASSOCIATES LP DEUTSCHE BANK AG

Firm Name Sanford C. Bernstein & Co Aurel - BGC Societe Generale Credit Suisse Cantor Fitzgerald Bryan Garnier & Cie Nomura Exane BNP Paribas AlphaValue Morgan Stanley Renaissance Capital HSBC Mirabaud Securities Independent Research GmbH Day by Day Natixis Kepler Cheuvreux S&P Capital IQ Deutsche Bank Hamburger Sparkasse Landesbank Baden-Wuerttemberg Oddo & Cie UBS JPMorgan ISI Group Main First Bank AG Barclays Telsey Advisory Group Berenberg Bank Raymond James EVA Dimensions Goldman Sachs Banco Sabadell Equita SIM SpA Redburn Partners Helvea

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst MARIO ORTELLI DAVID DA MAIA THIERRY COTA ROGERIO FUJIMORI ALLEGRA PERRY LOIC MORVAN CHRISTOPHER WALKER LUCA GIUSEPPE SOLCA VIRGINIE BLIN TEAM COVERAGE REY WIUM ANTOINE BELGE ALESSANDRO MIGLIORINI LARS LUSEBRINK VALERIE GASTALDY OLIVIER DELAHOUSSE CATHERINE ROLLAND WILLIAM MACK WARWICK OKINES CHRISTIAN HAMANN BARBARA AMBRUS LEOPOLD AUTHIE EVA QUIROGA MELANIE A FLOUQUET OMAR SAAD MATTHIAS EIFERT JULIAN EASTHOPE DANA TELSEY JOHN GUY HERMINE DE BENTZMANN CRAIG STERLING WILLIAM HUTCHINGS IGNACIO ROMERO FABIO FAZZARI ANNABEL GLEESON TIM DAWSON

Source Co File Co File MF-AGG ULT-AGG Research MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG Co File ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation outperform buy hold neutral hold buy buy outperform add not rated hold neutral accumulate buy hold buy buy hold hold buy buy buy buy neutral buy outperform overweight no rating system hold strong buy underweight Buy/Neutral buy buy buy suspended coverage

Amt Held 235'886'503 8'167'519 7'487'936 5'666'634 5'230'723 4'085'056 3'456'972 3'316'500 3'022'869 2'760'449 2'019'981 1'673'045 1'558'703 1'528'000 1'441'966 1'382'092 1'354'713 1'278'715 1'263'900 1'209'736

% Out 46.45 1.61 1.47 1.12 1.03 0.8 0.68 0.65 0.6 0.54 0.4 0.33 0.31 0.3 0.28 0.27 0.27 0.25 0.25 0.24

Weighting

Change

5 5 3 3 3 5 5 5 4 #N/A N/A 3 3 4 5 3 5 5 3 3 5 5 5 5 3 5 5 5 #N/A N/A 3 5 1 5 5 5 5 #N/A N/A

M M M M M M M M D M M M N M M M M M M M M M U M M M M M M M U M M N M M

Latest Chg 298'467 110'279 20'206 953'610 (35'719) (61'453) (21'172) (35'799) 22'798 (590'416) 1'513 1'263'900 185'059

Target Price 165 165 153 142 141 160 163 160 173 #N/A N/A 156 160 170 175 #N/A N/A 155 165 146 145 123 150 165 155 141 160 154 164 140 140 163 #N/A N/A 189 144 178 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.07.2013 15.03.2012 31.07.2013 26.09.2013 30.06.2013 31.07.2013 30.08.2013 31.07.2013 30.04.2013 31.05.2013 30.06.2013 31.08.2013 31.12.2012 30.04.2013 30.08.2013 30.06.2013 31.07.2013

Date 12 month 6 month 12 month Not Provided Not Provided 6 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 15 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided

Inst Type Holding Company Holding Company Government Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 23.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 10.09.2013 09.09.2013 03.09.2013 02.09.2013 02.08.2013 30.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 22.07.2013 28.06.2013 17.06.2013 19.04.2013 15.02.2013 10.12.2012 19.10.2012 02.04.2012

30.09.2013

SABMiller PLC SABMiller plc is an international beer company. The Company bottles and distributes beer through breweries worldwide. SABMiller also bottles and distributes a number of soft drinks.

Price/Volume 4000

7.0 M

3500

6.0 M

3000

5.0 M

2500

Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (19.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAB LN EQUITY YTD Change SAB LN EQUITY YTD % CHANGE

03/2013 01/yy 3'683.50 2'593.50 516'459.00 3140.5 -14.71% 21.09% 52.43% 1'603.3 50'352.23 18'548.00 0.0 1'088.0 2'171.00 98'753.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

1500 1000

2.0 M

500

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 18'703.0 1.79x 3'663.0 9.13x 1'881.0 11.84x

4.0 M

2000

Valuation Analysis

31.03.2010 31.03.2011 18'020.0 19'408.0 3.21x 3.45x 4'212.0 4'682.0 13.74x 14.30x 1'910.0 2'408.0 23.94x 23.21x Profitability

31.03.2012 21'760.0 3.96x 5'154.0 16.73x 4'221.0 15.05x

31.03.2013 23'213.0 4.54x 5'733.0 18.37x 3'274.0 25.55x

5'733.00 4'416.00 19.02% 20.30% 5.83% 12.73% 10.01% 0.41% 24.7% 19.0% 14.1% 0.65 0.44 32.95% 70.33% 15.62 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.99 0.95 821.73 17.89% 12.91% 0.945 37 3.595 1'382'796 1'690'079 1'859'264 FY+2

03/14 Y 03/15 Y 23'765.0 25'461.6 4.05x 3.69x 6'541.2 7'147.0 15.10x 13.82x 4'042.7 4'542.8 20.14x 18.01x S&P Issuer Ratings

FQ+1

FQ+2

04.08.2003 BBB+ POS 16.10.2006 A-2 4.05 3.10 2.86 3.24 70.3% 40.3% 0.41 2.55 23.37 -

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

SABMiller PLC Holdings By:

All

Holder Name ALTRIA GROUP INC BEVCO INTERNATIONAL PUBLIC INVESTMENT CO KULCZYK HOLDING BLACKROCK LEGAL & GENERAL NORGES BANK INVESTME NORGES BANK FIL LIMITED VANGUARD GROUP INC CAPITAL GROUP COMPAN SCOTTISH WIDOWS JP MORGAN KULCZYK INVESTMENT H STATE STREET CORP ABERDEEN ALLAN GRAY UNIT TRUS FMR LLC PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Oriel Securities Ltd CHRIS WICKHAM RBC Capital Markets JAMES EDWARDES JONES AlphaValue ISABELLE COMBEMALE Sanford C. Bernstein & Co TREVOR STIRLING Exane BNP Paribas JAVIER GONZALEZ LASTRA Jefferies DIRK VAN VLAANDEREN Liberum Capital Ltd PABLO ZUANIC Societe Generale ANDREW HOLLAND Morgan Stanley VIKHYAT SHARMA Renaissance Capital REY WIUM Mirabaud Securities JONATHAN FYFE Numis Securities Ltd WYN ELLIS Nomura IAN SHACKLETON BNP Paribas Equity Research DAN LEECH HSBC CEDRIC BESNARD Canaccord Genuity Corp EDDY HARGREAVES Day by Day VALERIE GASTALDY SBG Securities BRENDAN GRUNDLINGH Macquarie WYNAND VAN ZYL Shore Capital Stockbrokers PHIL CARROLL Deutsche Bank HAROLD THOMPSON Goldman Sachs MITCHELL COLLETT Credit Suisse SANJEET AUJLA S&P Capital IQ CARL SHORT Barclays SIMON HALES Natixis OLIVIER DELAHOUSSE Grupo Santander ANTHONY J BUCALO Espirito Santo Investment Bank Research ALEX SMITH EVA Dimensions CRAIG STERLING JPMorgan MATTHEW WEBB Avior Research DE WET SCHUTTE Berenberg Bank PHILIP MORRISEY Investec MARTIN DEBOO UBS MELISSA EARLAM Redburn Partners CHRIS PITCHER

Source Co File Co File Co File Co File ULT-AGG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG MF-AGG ULT-AGG REG MF-AGG

Recommendation add underperform sell market perform outperform buy sell buy Equalwt/In-Line hold hold buy reduce buy overweight sell hold hold outperform buy hold buy/attractive outperform hold equalweight buy buy neutral underweight overweight underperform buy hold neutral buy

Amt Held 430'000'000 225'000'000 67'663'248 48'000'000 34'956'442 34'220'790 30'009'387 29'116'788 24'155'085 22'482'699 21'343'012 20'329'744 17'659'071 17'475'287 14'958'613 14'850'920 13'973'231 13'951'082 13'251'875 12'223'684

% Out 26.82 14.03 4.22 2.99 2.18 2.13 1.87 1.82 1.51 1.4 1.33 1.27 1.1 1.09 0.93 0.93 0.87 0.87 0.83 0.76

Weighting

Change 4 1 1 3 5 5 1 5 3 3 3 5 2 5 5 1 3 3 5 5 3 5 5 3 3 5 5 3 1 5 1 5 3 3 5

M M M M M M M M M M D M M M U M M M M M M M M M M M M M D M M M M M M

Latest Chg (1'412'448) (1'366'620) 370'805 1'597'369 646'332 (867'800) (1'818'503) 4'456'320 (42'524'713) (88'391) (2'259'728) (866'761) 367'312 8'370 -

Target Price 3'300 3'300 2'699 3'370 3'600 3'680 2'700 3'620 3'400 3'325 3'500 3'700 2'800 3'700 3'600 3'000 #N/A N/A 3'800 3'747 #N/A N/A 3'400 3'850 3'800 3'300 3'550 3'500 3'675 3'370 #N/A N/A 3'520 3'230 3'800 3'600 3'300 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.06.2013 03.06.2013 03.06.2013 03.06.2013 26.09.2013 31.07.2013 01.05.2013 31.12.2012 01.05.2013 30.06.2013 31.07.2013 01.05.2013 30.08.2013 01.05.2013 27.09.2013 31.08.2013 30.06.2013 31.07.2013 01.05.2013 31.07.2013

Date Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 9 month Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Corporation Corporation Government Holding Company Investment Advisor Unclassified Government Government Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor

Date 30.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 20.09.2013 20.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 10.09.2013 09.09.2013 05.09.2013 20.08.2013 12.08.2013 07.08.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 18.07.2013 12.07.2013 03.07.2013 01.07.2013 28.06.2013 13.06.2013 23.05.2013 09.04.2013 11.02.2013 10.12.2012

30.09.2013

Unilever PLC Unilever PLC manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with UNA NA.

Price/Volume 3500

6.0 M

3000

5.0 M

2500

4.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ULVR LN EQUITY YTD Change ULVR LN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

1000

1.0 M

500 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 40'523.0 1.35x 6'793.0 8.04x 5'027.0 9.21x

3.0 M

1500

12/2012 06/yy 2'908.00 2'243.00 1'117'294.00 2437 -16.13% 8.65% 32.18% 1'283.5 72'639.13 10'221.00 0.0 557.0 2'866.00 98'723.82

31.12.2009 31.12.2010 39'823.0 44'262.0 1.75x 1.62x 6'887.0 7'620.0 10.14x 9.40x 3'370.0 4'244.0 18.57x 15.17x Profitability

LTM-4Q 31.12.2011 46'467.0 1.77x 7'462.0 11.04x 4'252.0 17.14x

31.12.2012 51'324.0 1.76x 8'188.0 11.04x 4'480.0 18.39x 8'188.00 6'989.00 13.62% 13.02% 9.59% 34.61% 19.15% 1.04% 40.2% 16.9% 14.6% 8.7% 0.77 0.36 22.14% 67.43% -

Price/ Cash Flow

LTM

06/yy 49'077.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 51'426.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

3.59 0.79 1'212.16 11.92% 5.62% 0.792 26 3.654 2'511'894 2'459'046 2'370'818 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 51'242.9 53'283.8 13'144.7 12'638.7 1.85x 1.76x 8'562.9 9'029.0 11.52x 10.92x 4'701.7 5'079.4 1'140.0 1'190.0 18.17x 16.80x S&P Issuer Ratings

05.10.2000 A+ STABLE 05.10.2000 A-1 15.57 11.81 1.34 1.83 67.4% 39.4% 1.04 5.61 -8.85

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Unilever PLC Holdings By:

All

Holder Name LEGAL & GENERAL BLACKROCK The Leverhulme Trust MORGAN STANLEY VANGUARD GROUP INC PRUDENTIAL PLC COMMONWEALTH BANK OF THREADNEEDLE NORGES BANK INVESTME NORGES BANK SCOTTISH WIDOWS STATE STREET CORP CAPITAL GROUP COMPAN PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC UBS AG BREWIN DOLPHIN LIMIT MONDRIAN INVESTMENT CEDAR ROCK CAPITAL L

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Oriel Securities Ltd CHRIS WICKHAM JPMorgan CELINE PANNUTI Panmure Gordon & Co Limited GRAHAM JONES AlphaValue SOPHIE CABO-BROSETA Credit Suisse CHARLES MILLS Sanford C. Bernstein & Co ANDREW WOOD Morgan Stanley EILEEN KHOO RBC Capital Markets JAMES EDWARDES JONES Goldman Sachs ROSIE EDWARDS Espirito Santo Investment Bank Research ALEX SMITH Shore Capital Stockbrokers DARREN SHIRLEY S&P Capital IQ CARL SHORT Day by Day VALERIE GASTALDY EVA Dimensions CRAIG STERLING Investec MARTIN DEBOO Jefferies ALEX HOWSON Berenberg Bank JAMES TARGETT Deutsche Bank HAROLD THOMPSON HSBC CEDRIC BESNARD Barclays IAIN SIMPSON Exane BNP Paribas JEFF STENT Liberum Capital Ltd PABLO ZUANIC Mirabaud Securities JULIAN LAKIN UBS ALAN ERSKINE Redburn Partners JEREMY FIALKO Nord/LB WOLFGANG VASTERLING Nomura DAVID HAYES

Source ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG ULT-AGG REG REG MF-AGG ULT-AGG REG REG REG

Recommendation hold neutral buy reduce underperform outperform Equalwt/In-Line underperform Buy/Neutral neutral buy buy hold buy buy hold buy hold overweight overweight neutral buy hold buy neutral hold reduce

Amt Held 100'229'308 74'570'243 70'566'764 39'495'231 34'011'195 30'995'172 29'472'341 29'065'425 29'021'651 28'683'284 24'833'966 19'816'447 19'517'900 17'414'434 17'021'470 16'976'959 16'005'493 13'951'186 12'958'273 12'778'186

% Out 7.81 5.81 5.5 3.08 2.65 2.41 2.3 2.26 2.26 2.23 1.93 1.54 1.52 1.36 1.33 1.32 1.25 1.09 1.01 1

Weighting

Change 3 3 5 2 1 5 3 1 5 3 5 5 3 5 5 3 5 3 5 5 3 5 3 5 3 3 2

M M M M M M M M M M M M M U M M M M M M M M M M M M M

Latest Chg (264'326) 612'496 (304'305) (2'028'424) 1'534'822 258'541 (185'808) 282'811 (180'480) (3'398'000) (1'096'149) (438'268) 141'170 968'091 2'465 (106'389) (30'193)

Target Price 2'800 2'600 2'800 2'432 2'730 3'050 2'500 2'600 3'280 2'730 #N/A N/A 2'980 #N/A N/A #N/A N/A 3'000 2'760 3'000 2'590 3'070 3'100 2'800 3'250 2'810 2'990 #N/A N/A #N/A N/A 1'870

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.07.2013 Unclassified 26.09.2013 Investment Advisor 01.07.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Unclassified 01.07.2013 Unclassified 01.07.2013 Bank 31.07.2013 Unclassified 01.07.2013 Government 31.12.2012 Government 31.07.2013 Unclassified 27.09.2013 Investment Advisor 31.07.2013 Investment Advisor 01.07.2013 Government 01.07.2013 Investment Advisor 31.07.2013 Investment Advisor 27.09.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Hedge Fund Manager 01.07.2013 Investment Advisor

Date Not Provided 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 13.09.2013 12.09.2013 12.09.2013 13.08.2013 12.08.2013 12.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 11.07.2013 13.06.2013 10.06.2013 29.04.2013 26.03.2013 24.09.2012 03.07.2012 17.01.2012

30.09.2013

Standard Chartered PLC Standard Chartered plc is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STAN LN EQUITY YTD Change STAN LN EQUITY YTD % CHANGE

12/2012 01/yy 1'860.50 1'376.50 1'003'766.00 1483.5 -20.24% 7.77% 24.48% 2'424.0 35'959.36 111'255.00 693.0 129'424.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 22'429.0 3'241.0 6.41x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 o-12

31.12.2009 31.12.2010 20'558.0 21'355.0 3'380.0 4'332.0 14.69x 13.38x Profitability

31.12.2011 24'416.0 4'849.0 10.66x

31.12.2012 26'712.0 4'887.0 12.53x 38.87% 35.33% 0.67% 9.44% 2.60% 0.04% 25.1% 17.48% 245.26% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.57 1.26 1'984.12 9.57% -2.51% 1.260 43 3.535 3'424'760 4'138'613 4'107'480 FY+2

12/13 Y 12/14 Y 19'936.9 21'437.5 32.36x 31.77x 5'376.9 6'094.5 10.63x 9.69x S&P Issuer Ratings

FQ+1

FQ+2

01.12.2011 A+ NEG 10.01.2008 A-1 245.3% 70.7% 0.04 4.41 -

Sales/Revenue/Turnover

25.00

30'000.0 25'000.0

20.00

20'000.0 15.00

15'000.0 10.00

10'000.0

5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Standard Chartered PLC Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI ABERDEEN BLACKROCK LEGAL & GENERAL VANGUARD GROUP INC SUN LIFE FINANCIAL I NORGES BANK INVESTME NORGES BANK BNP PARIBAS SA SCOTTISH WIDOWS JP MORGAN FIL LIMITED STATE STREET CORP FMR LLC THORNBURG INVESTMENT DODGE & COX BAILLIE GIFFORD AND PEOPLES REPUBLIC OF THORNBURG INVESTMENT WALTER SCOTT & PARTN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Mizuho Securities JIM ANTOS BNP Paribas Equity Research DOMINIC CHAN AlphaValue DAVID GRINSZTAJN Deutsche Bank JASON NAPIER Sanford C. Bernstein & Co CHIRANTAN BARUA JPMorgan RAUL SINHA Shore Capital Stockbrokers GARY GREENWOOD Macquarie THOMAS STOEGNER RBC Capital Markets PATRICK LEE Credit Suisse AMIT GOEL China International Capital Corp MAO JUNHUA Berenberg Bank JAMES CHAPPELL Citic Securities Co., Ltd STEVEN CHAN Barclays ROHITH CHANDRA-RAJAN Baden Hill LLP JAMIE MOYES Morgan Stanley CHRISTOPHER MANNERS Keefe, Bruyette & Woods MARK J PHIN Bankhaus Lampe NEIL SMITH Day by Day VALERIE GASTALDY Investec IAN GORDON EVA Dimensions DOUG WALTERS UBS JOHN-PAUL CRUTCHLEY Societe Generale JAMES INVINE Mediobanca SpA CHRISTOPHER J WHEELER HSBC PETER TOEMAN Independent Research GmbH STEFAN BONGARDT Numis Securities Ltd MICHAEL J TRIPPITT Oriel Securities Ltd VIVEK RAJA Grupo Santander ARTURO DE FRIAS Landesbank Baden-Wuerttemberg WERNER SCHIRMER S&P Capital IQ FRANK BRADEN CCB International Securities Ltd ADAM CHAN Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Canaccord Genuity Corp GARETH HUNT Goldman Sachs FREDERIK THOMASEN Redburn Partners FAHED KUNWAR JM Financial Institutional Securities P PUNEET GULATI Liberum Capital Ltd CORMAC LEECH AMTD Financial Planning Limited KENNY TANG SING HING Daniel Stewart & Co SIMON WILLIS

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG MF-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG MF-AGG REG REG MF-AGG REG

Recommendation buy outperform neutral buy add hold underperform neutral hold neutral sector perform underperform hold sell hold equalweight sell Equalwt/In-Line market perform sell hold buy hold buy buy outperform neutral buy add add buy buy hold outperform buy sell neutral/neutral neutral buy hold buy buy

Amt Held 438'346'486 199'264'079 154'291'839 80'472'080 76'317'331 65'422'522 55'288'230 53'675'810 46'902'118 45'314'701 39'112'290 35'649'062 33'674'973 33'101'578 31'949'623 31'714'907 31'644'919 30'164'127 27'617'606 26'831'010

% Out 18.08 8.22 6.37 3.32 3.15 2.7 2.28 2.21 1.93 1.87 1.61 1.47 1.39 1.37 1.32 1.31 1.31 1.24 1.14 1.11

Weighting

Change 5 5 3 5 4 3 1 3 3 3 3 1 3 1 3 3 1 3 3 1 3 5 3 5 5 5 3 5 4 4 5 5 3 5 5 1 3 3 5 3 5 5

M M M M M M M M D D M M M M M D M M M M M M U M M M M M U M M M M M M M M M M D M M

Latest Chg 5'884'953 (4'429'755) (8'186'893) 5'708'275 499'076 1'322'959 (1'798'413) 9'052'221 847'363 (148'561) 3'567'769 1'206'240 1'836'656 2'534'878 2'065'700 4'350'239

Target Price 1'830 1'650 1'700 1'905 1'715 1'645 1'330 1'800 #N/A N/A 1'650 1'500 1'350 1'662 1'450 1'571 1'530 #N/A N/A 1'640 1'700 1'450 #N/A N/A 1'900 #N/A N/A 1'790 1'800 1'700 1'650 1'900 1'780 1'935 1'960 1'800 1'715 1'846 1'840 1'325 1'900 #N/A N/A 1'975 1'875 1'888 1'900

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.08.2013 26.09.2013 31.07.2013 01.07.2013 31.07.2013 01.07.2013 31.12.2012 01.07.2013 01.07.2013 31.07.2013 01.07.2013 27.09.2013 31.07.2013 01.07.2013 30.06.2013 01.07.2013 01.07.2013 31.07.2013 01.07.2013

Date 12 month Not Provided 12 month 12 month 6 month 12 month 12 month 15 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Government Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Government Government Bank Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 18.09.2013 11.09.2013 06.09.2013 05.09.2013 04.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 28.08.2013 23.08.2013 22.08.2013 20.08.2013 13.08.2013 13.08.2013 09.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 26.07.2013 27.06.2013 08.05.2013 25.04.2013 09.04.2013 12.03.2013 06.03.2013 08.08.2012

30.09.2013

Prudential PLC Prudential plc is an international company which provides a wide assortment of insurance and investment products and services. Insurance products include life, accident and health, property and casualty insurance, as well as fixed and variable annuities. Financial and investment services include personal and group pensions, equity plans, mortgages and deposit accounts.

Price/Volume 1400

12.0 M

1200

10.0 M

1000

8.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.08.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRU LN EQUITY YTD Change PRU LN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

400

2.0 M

200 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 (10'269.0) (396.0) -

6.0 M

600

12/2012 06/yy 1'270.00 801.50 1'185'244.00 1140 -10.24% 42.23% 76.09% 2'559.3 29'176.08 6'832.00 0.0 5.0 6'384.00 28'957.08

31.12.2009 31.12.2010 48'099.0 47'646.0 0.38x 0.39x 676.0 1'431.0 23.20x 11.78x Profitability

LTM-4Q 31.12.2011 36'506.0 0.47x 1'415.0 11.43x

31.12.2012 55'476.0 0.41x 2'197.0 10.01x 5.57% 5.07% 0.53% 17.02% 11.53% 0.18% 4.0% 2.20% 65.95% -

Price/ Cash Flow

LTM

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

2.68 1.42 2'454.17 46.30% 35.48% 1.419 27 4.222 2'485'866 4'126'036 3'941'140 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 57'484.0 58'855.7 166.0 174.44x 2'151.6 2'385.0 13.38x 12.00x S&P Issuer Ratings

17.08.2010 A+ STABLE 17.08.2010 A-1 66.0% 39.7% 0.18 -

Sales/Revenue/Turnover

120.00

60'000.0

100.00

50'000.0 40'000.0

80.00

30'000.0 60.00

20'000.0

40.00

10'000.0 0.0

20.00

-10'000.0 0.00 01.01.2010

01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-20'000.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Prudential PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN LEGAL & GENERAL BLACKROCK NORGES BANK INVESTME FRAMLINGTON INVESTME VANGUARD GROUP INC BAILLIE GIFFORD AND SCOTTISH WIDOWS FIL LIMITED JANUS CAPITAL MANAGE PRUDENTIAL PLC UBS AG JP MORGAN FMR LLC PEOPLES REPUBLIC OF AXA HSBC INVESTMENTS UK ALLIANZ ASSET MANAGE SCHRODER INVESTMENT AVIVA INVESTORS

Firm Name AlphaValue Berenberg Bank Sanford C. Bernstein & Co Mediobanca SpA Goldman Sachs HSBC Shore Capital Stockbrokers Panmure Gordon & Co Limited UBS Barclays Deutsche Bank Day by Day S&P Capital IQ Exane BNP Paribas Morgan Stanley Nomura Societe Generale Oriel Securities Ltd Credit Suisse Keefe, Bruyette & Woods JPMorgan Macquarie EVA Dimensions RBC Capital Markets Redburn Partners

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst JEROME CASSAGNE MATTHEW PRESTON EDWARD HOUGHTON MAARTEN ALTENA WILLIAM ELDERKIN KAILESH MISTRY EAMONN FLANAGAN BARRIE CORNES JAMES SHUCK ALAN DEVLIN OLIVER STEEL VALERIE GASTALDY RODERICK WALLACE ANDY HUGHES JON HOCKING FAHAD CHANGAZI ABID HUSSAIN MARCUS BARNARD CHRIS ESSON GREIG N PATERSON ASHIK MUSADDI NEIL WELCH DOUG WALTERS GORDON AITKEN LANCE BURBIDGE

Source ULT-AGG ULT-AGG ULT-AGG REG MF-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG ULT-AGG REG REG

Recommendation reduce buy outperform outperform Buy/Neutral overweight buy buy neutral overweight buy hold buy underperform Overwt/In-Line buy buy buy outperform market perform underweight outperform underweight outperform buy

Amt Held 259'009'041 218'237'677 129'499'098 113'488'282 101'907'451 90'414'720 89'441'724 73'281'664 71'927'431 53'489'976 46'690'714 44'679'276 38'837'472 37'808'865 34'754'886 29'317'273 28'647'689 28'514'943 28'097'266 26'062'474

% Out 10.12 8.53 5.06 4.43 3.98 3.53 3.49 2.86 2.81 2.09 1.82 1.75 1.52 1.48 1.36 1.15 1.12 1.11 1.1 1.02

Weighting

Change 2 5 5 5 5 5 5 5 3 5 5 3 5 1 5 5 5 5 5 3 1 5 1 5 5

U M M N M M M M M M M M M M M M M M M M M U D M M

Latest Chg 3'157'087 (3'939'642) 97'273'768 524'059 (1'868'089) 1'001'565 12'644'813 (14'254'165) (58'411) (1'034'303) (4'679'522) 11'135'343 274'720 3'947 (5'519'461) (641'090) 2'813'383

Target Price 1'155 1'400 1'355 1'317 1'480 1'460 #N/A N/A 1'453 1'150 1'450 1'290 #N/A N/A 1'320 835 1'259 1'487 1'300 1'350 1'300 1'045 836 1'200 #N/A N/A 1'270 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 17.09.2013 26.09.2013 01.07.2013 31.05.2013 01.07.2013 01.07.2013 31.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 31.07.2013 31.07.2013 01.07.2013 01.07.2013 01.07.2013 31.08.2013 01.07.2013 01.07.2013

Date 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 3 month 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Unclassified Investment Advisor Government Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 25.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 09.09.2013 09.09.2013 23.08.2013 23.08.2013 22.08.2013 22.08.2013 21.08.2013 16.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 01.08.2013 02.07.2013 12.06.2013 07.05.2013 20.03.2013

30.09.2013

Tesco PLC Tesco plc is a food retailer. The Group operates stores in the United Kingdom, Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan, Malaysia, South Korea, China, Thailand, and the United States.

Price/Volume 450

120.0 M

400

100.0 M

350 300

80.0 M

250

02/2013 01/yy 388.05 306.40 5'368'018.00 361.25 -6.85% 17.90% 68.83% 8'081.5 29'194.46 10'834.00 0.0 18.0 3'034.00 37'012.45

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

150

40.0 M

100

20.0 M

50 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 28.02.2009 53'898.0 0.70x 4'122.0 9.09x 2'133.0 12.28x

60.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSCO LN EQUITY YTD Change TSCO LN EQUITY YTD % CHANGE

28.02.2010 28.02.2011 56'910.0 60'455.0 0.75x 0.67x 4'464.0 4'905.0 9.57x 8.23x 2'327.0 2'655.0 14.31x 11.79x Profitability

29.02.2012 63'916.0 0.53x 5'283.0 6.39x 2'806.0 8.09x

28.02.2013 64'826.0 0.58x 4'117.0 9.18x 124.0 21.52x 4'117.00 2'527.00 3.90% 3.02% 0.25% 0.72% 1.56% 1.28% 6.3% 6.4% 3.9% 0.2% 0.69 0.16 21.61% 65.10% 16.55

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.09 0.86 7'670.50 13.49% 10.50% 0.857 30 3.567 14'559'330 13'060'620 13'302'870 FY+2

FQ+1

FQ+2

02/14 Y 02/15 Y 08/12 Q2 11/12 Q3 67'479.5 69'861.4 32'917.0 0.52x 0.49x 5'144.7 5'374.7 7.19x 6.89x 2'624.8 2'774.9 11.18x 10.59x S&P Issuer Ratings

19.04.2013 BBB+ STABLE 29.07.2008 A-2 7.07 2.57 1.89 2.63 65.1% 39.4% 1.28 2.56 22.00 35.89 -

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0 50'000.0

8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 05.03.2010

0.0 05.09.2010

05.03.2011

05.09.2011

05.03.2012

05.09.2012

05.03.2013

05.09.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Tesco PLC Holdings By:

All

Holder Name BLACKROCK NORGES BANK INVESTME LEGAL & GENERAL FRANKLIN RESOURCES BERKSHIRE HATHAWAY I VANGUARD GROUP INC SCOTTISH WIDOWS STATE STREET CORP PEOPLES REPUBLIC OF UBS AG WALTER SCOTT & PARTN SILCHESTER INTL INVE MONDRIAN INVESTMENT ARTISAN PARTNERS HOL GEICO CORP FIL LIMITED GENERAL REINSURANCE PRUDENTIAL PLC MANNING & NAPIER ADV ABERDEEN

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Grupo Santander TIM ATTENBOROUGH Cantor Fitzgerald MICHAEL J DENNIS Shore Capital Stockbrokers CLIVE WILLIAM BLACK Oriel Securities Ltd JONATHAN PRITCHARD Exane BNP Paribas JOHN KERSHAW AlphaValue VIRGINIE BLIN Societe Generale ARNAUD JOLY JPMorgan JAIME VAZQUEZ Jefferies JAMES GRZINIC Barclays JAMES ANSTEAD Credit Suisse ANDREW KASOULIS HSBC JEROME SAMUEL UBS BENJAMIN PETERS Deutsche Bank JAMES G COLLINS Nomura DAVID PAYNE Independent Research GmbH ZAFER RUZGAR Day by Day VALERIE GASTALDY Baader Bank VOLKER BOSSE S&P Capital IQ WILLIAM MACK Redburn Partners MARC DE SPEVILLE Kepler Cheuvreux FABIENNE CARON Morgan Stanley EDOUARD AUBIN Macquarie SREEDHAR MAHAMKALI Panmure Gordon & Co Limited PHILIP DORGAN EVA Dimensions CRAIG STERLING Investec DAVID MCCARTHY Espirito Santo Investment Bank Research SANJAY VIDYARTHI Goldman Sachs FRANKLIN WALDING Aurel - BGC JEAN-MARIE L'HOME

Source ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG REG REG REG REG ULT-AGG REG ULT-AGG REG ULT-AGG

Recommendation buy buy buy buy outperform add sell underweight buy equalweight outperform overweight buy buy neutral buy hold buy hold neutral hold restricted outperform buy hold sell sell neutral/neutral sell

Amt Held 406'665'281 396'583'770 319'254'151 280'132'052 257'443'328 199'145'926 170'117'669 138'429'699 133'300'613 133'122'315 130'535'474 128'762'362 114'807'330 110'613'354 90'000'000 79'675'730 72'862'000 72'804'200 72'430'910 70'919'225

% Out 5.03 4.91 3.95 3.47 3.19 2.46 2.11 1.71 1.65 1.65 1.62 1.59 1.42 1.37 1.11 0.99 0.9 0.9 0.9 0.88

Weighting

Change

5 5 5 5 5 4 1 1 5 3 5 5 5 5 3 5 3 5 3 3 3 #N/A N/A 5 5 3 1 1 3 1

M M M M M M M D M M M M M M D M M M D M M M M M M M M M M

Latest Chg 7'799'083 (6'050'566) (3'020'119) 12'028'252 6'911'918 1'673'398 1'399'523 16'606'024 8'597'320 4'078'939 32'588'641 6'421'337 13'021'795 2'985'715 (529'133) 11'553'520 (762'800)

Target Price 425 443 #N/A N/A 425 425 401 290 350 440 365 430 430 430 415 400 440 #N/A N/A 410 380 #N/A N/A 380 #N/A N/A 400 440 #N/A N/A 295 310 390 300

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.09.2013 Investment Advisor 01.07.2013 Government 31.07.2013 Unclassified 31.08.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Unclassified 01.07.2013 Unclassified 27.09.2013 Investment Advisor 01.07.2013 Government 27.09.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Hedge Fund Manager 01.07.2013 Investment Advisor 01.07.2013 Unclassified 01.07.2013 Investment Advisor 01.07.2013 Insurance Company 01.07.2013 Unclassified 01.07.2013 Unclassified 31.07.2013 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month 3 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 20.09.2013 20.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 16.09.2013 11.09.2013 05.09.2013 02.09.2013 28.08.2013 09.08.2013 04.07.2013 01.07.2013 06.06.2013 05.06.2013 22.04.2013 11.04.2013 10.01.2013

30.09.2013

Reckitt Benckiser Group PLC Reckitt Benckiser Group PLC manufactures and distributes a wide range of household, toiletry, pharmaceutical and food products on a global basis. The Company's products include fabric treatments , disinfectant spray and cleaners, dishwashing detergent, personal care, food, and prescription drugs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.07.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RB/ LN EQUITY YTD Change RB/ LN EQUITY YTD % CHANGE

12/2012 06/yy 4'986.00 3'561.00 310'400.00 4493 -9.81% 26.17% 67.16% 718.7 32'289.90 3'274.00 0.0 1.0 891.00 35'080.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

5000

5.0 M

4000

4.0 M

3000

3.0 M

2000

2.0 M

1000

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 6'563.0 2.96x 1'612.0 12.05x 1'120.0 16.36x

6000

31.12.2009 31.12.2010 7'753.0 8'453.0 3.10x 3.28x 2'030.0 2'375.0 11.84x 11.66x 1'418.0 1'568.0 16.87x 16.28x Profitability

LTM-4Q 31.12.2011 9'485.0 2.65x 2'644.0 9.49x 1'745.0 13.26x

31.12.2012 9'567.0 3.23x 2'718.0 11.36x 1'829.0 15.36x 2'718.00 2'570.00 26.86% 25.30% 11.37% 29.74% 19.36% 0.66% 57.9% 28.0% 26.4% 19.1% 0.47 0.33 21.71% 55.29% 5.32

Price/ Cash Flow

LTM

06/yy 9'533.0 2.63x 0.0 0.00x 986.0 0.00x

06/yy 9'892.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

3.07 0.59 638.85 29.84% 19.33% 0.593 32 2.906 851'506 936'120 1'047'236 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'185.4 10'560.8 2'611.0 2'642.0 3.36x 3.16x 2'784.8 2'864.4 12.60x 12.25x 1'955.9 2'025.1 516.0 599.0 16.84x 16.34x S&P Issuer Ratings

16.12.2003 A+ STABLE 01.05.1990 A-1 66.29 62.24 1.01 1.30 55.3% 35.6% 0.66 13.47 68.57 25.97

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Reckitt Benckiser Group PLC Holdings By:

All

Holder Name JAB HOLDINGS BV JAB INVESTMENTS BV SUN LIFE FINANCIAL I INVESCO LTD BLACKROCK MORGAN STANLEY LEGAL & GENERAL PERPETUAL INVESTMENT VANGUARD GROUP INC SCOTTISH WIDOWS NORGES BANK INVESTME FIL LIMITED NORGES BANK MORGAN STANLEY INVES STATE STREET CORP ALLIANZ ASSET MANAGE WALTER SCOTT & PARTN THORNBURG INVESTMENT CEDAR ROCK CAPITAL L UBS AG

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Oriel Securities Ltd CHRIS WICKHAM JPMorgan CELINE PANNUTI Panmure Gordon & Co Limited GRAHAM JONES AlphaValue ARMELLE MOULIN Sanford C. Bernstein & Co ANDREW WOOD Exane BNP Paribas EAMONN FERRY Liberum Capital Ltd PABLO ZUANIC RBC Capital Markets JAMES EDWARDES JONES Deutsche Bank HAROLD THOMPSON Canaccord Genuity Corp EDDY HARGREAVES Day by Day VALERIE GASTALDY EVA Dimensions CRAIG STERLING Berenberg Bank JAMES TARGETT Shore Capital Stockbrokers DARREN SHIRLEY Societe Generale CHAS MANSO DE ZUNIGA Investec MARTIN DEBOO Jefferies ALEX HOWSON Independent Research GmbH LARS LUSEBRINK Commerzbank Corporates & Markets ANDREAS RIEMANN Morgan Stanley ERIK SJOGREN Goldman Sachs ROSIE EDWARDS Credit Suisse CHARLES MILLS Raymond James HERMINE DE BENTZMANN Nomura GUILLAUME DELMAS S&P Capital IQ CARL SHORT Barclays IAIN SIMPSON HSBC CEDRIC BESNARD Espirito Santo Investment Bank Research ALEX SMITH UBS EVA QUIROGA Mirabaud Securities JULIAN LAKIN Redburn Partners JEREMY FIALKO

Source Co File REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG REG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG REG MF-AGG REG ULT-AGG

Recommendation buy neutral hold reduce outperform underperform sell sector perform buy sell hold underweight Under Review hold sell sell hold hold hold Equalwt/In-Line neutral/attractive neutral market perform buy hold equalweight neutral sell buy hold sell

Amt Held 76'659'342 76'659'342 36'608'287 36'323'474 29'850'534 28'266'229 25'293'266 23'836'570 16'386'994 15'413'516 15'225'822 14'937'153 14'863'926 12'309'781 11'311'473 11'010'401 10'986'837 10'075'592 8'971'380 8'249'377

% Out 10.67 10.67 5.09 5.05 4.15 3.93 3.52 3.32 2.28 2.14 2.12 2.08 2.07 1.71 1.57 1.53 1.53 1.4 1.25 1.15

Weighting

Change

5 3 3 2 5 1 1 3 5 1 3 1 #N/A N/A 3 1 1 3 3 3 3 3 3 3 5 3 3 3 1 5 3 1

M M M M M M M M M M M D M M M M M M M M M M M M M M M M M M M

Latest Chg (359'245) (1'500'594) 1'100'756 469'475 (354'341) 493'569 (169'751) (35'000) (1'593'681) 184'456 (103'046) 791'561 (270'098) (1'294'694) (100'519)

Target Price 5'200 4'450 4'625 4'332 5'450 4'400 3'700 5'200 5'100 4'100 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 4'300 4'425 4'500 5'000 4'500 4'500 5'130 4'650 #N/A N/A 4'800 4'800 4'400 4'800 4'160 5'210 4'320 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.03.2013 03.06.2013 01.03.2013 27.09.2013 26.09.2013 30.06.2013 31.07.2013 30.08.2013 30.06.2013 30.06.2013 03.06.2013 03.06.2013 31.12.2012 03.06.2013 27.09.2013 31.08.2013 03.06.2013 31.07.2013 03.06.2013 27.09.2013

Date Not Provided 12 month Not Provided 6 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Other Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Unclassified Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 20.09.2013 13.09.2013 10.09.2013 05.09.2013 12.08.2013 05.08.2013 01.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 16.07.2013 03.07.2013 31.05.2013 09.05.2013 09.05.2013

30.09.2013

Deutsche Bank AG Deutsche Bank AG is a global financial service provider delivering commercial, investment, private and retail banking. The Bank offers debt, foreign exchange, derivatives, commodities, money markets, repo and securitization, cash equities, research, equity prime services, loans, convertibles, advice on M&A and IPO's, trade finance, retail banking, asset management and corporate investments.

Price/Volume 40

20.0 M

12/2012 06/yy 38.73 29.41 2'454'154.00 33.72 -12.87% 14.65% 50.80% 1'019.5 34'377.53 278'501.00 0.0 407.0 147'433.00 -

15.0 M

10.0 M

10 5.0 M

5 0 o-12

31.12.2009 31.12.2010 45'167.0 46'151.0 4'973.0 2'310.0 6.24x 12.74x Profitability

LTM-4Q 31.12.2011 52'660.0 4'132.0 6.61x

31.12.2012 52'299.0 237.0 131.80x 8.08% 2.18% 0.01% 0.34% 0.06% 0.02% 0.7% 13.84% 515.71% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 49'520.0 0.00x 0.0 0.00x 2'916.0 9.08x

06/yy 49'310.0 0.00x 0.0 0.00x 190.0 179.61x

a-13 m-13

j-13

a-13

s-13

FY+1

1.40 1'013.93 12.03% 4.53% 1.401 41 4.024 6'290'401 5'472'198 5'732'171 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'278.0 33'892.0 7'709.4 7'760.2 3'831.6 4'520.2 749.8 780.8 9.26x 7.49x 8.13x S&P Issuer Ratings

02.07.2013 A STABLE 19.12.2008 A-1 515.7% 83.7% 0.02 9.91 -

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (18.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DBK GY EQUITY YTD Change DBK GY EQUITY YTD % CHANGE

31.12.2008 58'492.0 (3'835.0) -

30.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Deutsche Bank AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN DEKABANK DEUTSCHE GI NORGES BANK COMMERZBANK AKTIENGE CREDIT SUISSE AG CREDIT AGRICOLE SA DEUTSCHE BANK AG VANGUARD GROUP INC BANK OF AMERICA CORP JP MORGAN FMR LLC BANK OF NEW YORK MEL HSBC HOLDINGS PLC GOLDMAN SACHS GROUP MORGAN STANLEY UNION INVESTMENT GMB UBS AG AMUNDI JANUS CAPITAL MANAGE

Firm Name

Portfolio Name n/a n/a DEKABANK DEUTSCHE GI Multiple Portfolios COMMERZBANK AKTIENGE n/a CREDIT AGRICOLE SA n/a n/a BANK OF AMERICA n/a n/a BANK OF NEW YORK MEL HSBC HOLDINGS PLC n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Natixis ANTOINE BURGARD RBC Capital Markets FIONA SWAFFIELD Nomura JON PEACE Exane BNP Paribas DANIEL DAVIES Independent Research GmbH STEFAN BONGARDT Oddo & Cie JEAN SASSUS Equinet Institutional Services(ESN) PHILIPP HAESSLER AlphaValue DIETER HEIN HSBC ROBERT MURPHY Credit Suisse AMIT GOEL Keefe, Bruyette & Woods ANDREW STIMPSON JPMorgan KIAN ABOUHOSSEIN Macquarie PIERS BROWN Grupo Santander AURELIA FAURE Main First Bank AG KILIAN MAIER Morgan Stanley HUW VAN STEENIS UBS DANIELE BRUPBACHER Berenberg Bank JAMES CHAPPELL Kepler Cheuvreux DIRK BECKER Day by Day VALERIE GASTALDY Hamburger Sparkasse CHRISTIAN HAMANN M.M. Warburg Investment Research ANDREAS PLAESIER Barclays JEREMY SIGEE Mediobanca SpA CHRISTOPHER J WHEELER Commerzbank Corporates & Markets MICHAEL DUNST Goldman Sachs JERNEJ OMAHEN Bankhaus Lampe NEIL SMITH Nord/LB MICHAEL SEUFERT Landesbank Baden-Wuerttemberg INGO FROMMEN Bankhaus Metzler GUIDO HOYMANN S&P Capital IQ FRANK BRADEN Canaccord Genuity Corp ARUN MELMANE Redburn Partners NICHOLAS WATTS Makor Capital ALBERT SAPORTA Espirito Santo Investment Bank Research ANDREW LIM Societe Generale GEOFF DAWES DZ Bank AG CHRISTOPH BAST Banco Sabadell MARIO LODOS EVA Dimensions AUSTIN BURKETT National Bank AG DIRK GOJNY Hammer Partners SA ENRICO RACIOPPI SRC Research STEFAN SCHARFF

Source ULT-AGG ULT-AGG 13F MF-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy sector perform neutral outperform buy neutral accumulate add overweight outperform outperform overweight neutral hold outperform Equalwt/In-Line buy sell buy hold hold buy overweight neutral buy Sell/Neutral buy hold buy buy buy buy neutral buy sell buy buy buy underweight buy buy sell

Amt Held 47'776'278 40'566'540 23'529'706 21'866'137 19'790'330 17'110'481 15'521'141 14'939'396 11'760'269 10'724'776 9'222'003 7'023'986 6'738'764 5'921'773 5'363'452 5'295'797 5'245'301 5'161'922 4'715'162 4'337'613

% Out 4.69 3.98 2.31 2.14 1.94 1.68 1.52 1.47 1.15 1.05 0.9 0.69 0.66 0.58 0.53 0.52 0.51 0.51 0.46 0.43

Weighting

Change 5 3 3 5 5 3 4 4 5 5 5 5 3 3 5 3 5 1 5 3 3 5 5 3 5 1 5 3 5 5 5 5 3 5 1 5 5 5 1 5 5 1

M M M M M M M M M M M M M M M M U M M D M M M M M M M D M M M M D N M M M M M M M M

Latest Chg (1'003'950) (982'040) (195'485) 2'100 (891'299) (8'703'861) 1'253'747 5'157'052 6'873'841 5'835'740 2'080'863 (11'954'777) 1'496'235 (162'624) (639'919) (2'666'221) 181'927 (341'928)

Target Price 44 36 38 42 42 40 40 40 49 41 46 40 34 37 42 39 47 26 40 #N/A N/A #N/A N/A 45 47 40 44 36 42 35 40 42 40 45 #N/A N/A #N/A N/A 28 43 40 40 #N/A N/A 32 36 33

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.07.2013 30.06.2013 31.12.2012 30.06.2013 31.05.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.03.2013 30.06.2013 30.06.2013 31.07.2013 27.09.2013 30.04.2013 30.06.2013

Date Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month Not Provided Not Provided 12 month 15 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Bank Government Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 19.09.2013 18.09.2013 18.09.2013 16.09.2013 16.09.2013 02.09.2013 20.08.2013 19.08.2013 15.08.2013 15.08.2013 14.08.2013 13.08.2013 01.08.2013 01.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 26.07.2013 16.07.2013 04.07.2013 03.07.2013 29.05.2013 10.05.2013 15.02.2013 17.01.2013 25.07.2012 03.07.2012 08.02.2010

30.09.2013

Credit Suisse Group AG Credit Suisse Group AG is an international financial services group. The Group provides investment banking, private banking, and asset management services to customers located around the world.

Price/Volume 35

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSGN VX EQUITY YTD Change CSGN VX EQUITY YTD % CHANGE

12/2012 06/yy 29.32 19.39 1'998'749.00 27.56 -6.04% 42.11% 83.88% 1'577.8 43'484.00 330'510.00 0.0 6'786.0 63'708.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 48'697.0 (8'218.0) -

31.12.2009 31.12.2010 51'547.0 50'345.0 6'724.0 5'098.0 9.96x 9.59x Profitability

LTM-4Q 31.12.2011 42'693.0 1'953.0 16.11x

31.12.2012 38'313.0 1'349.0 27.15x 6.73% 9.34% 0.31% 6.10% 0.85% 0.04% 5.8% 35.76% 931.07% -

Price/ Cash Flow

LTM

06/yy 39'473.0 0.00x 0.0 0.00x 878.0 42.10x

06/yy 37'976.0 0.00x 0.0 0.00x 2'999.0 15.43x

FY+1

1.55 1'423.56 42.19% 27.31% 1.555 42 3.762 3'622'493 4'394'206 4'325'713 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26'811.1 27'706.8 6'539.3 6'638.7 32.71x 31.57x 4'143.4 4'911.1 1'002.3 994.3 10.78x 9.20x 9.42x S&P Issuer Ratings

02.07.2013 ASTABLE 27.07.2012 NR 931.1% 88.7% 0.04 6.17 -

Sales/Revenue/Turnover

7.00

100'000.0 90'000.0

6.00

80'000.0

5.00

70'000.0 60'000.0

4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0 1.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Credit Suisse Group AG Holdings By:

All

Holder Name CRESCENT HOLDING GMB QATAR INVESTMENT AUT DODGE & COX FRANKLIN RESOURCES DODGE & COX WORLDWID NORGES BANK CAPITAL GROUP COMPAN BLACKROCK HARRIS ASSOCIATES LP KOOR INDUSTRIES LTD VANGUARD GROUP INC CREDIT SUISSE AG UBS AG T ROWE PRICE ASSOCIA WILLIAM BLAIR & COMP PICTET FUNDS ONTARIO TEACHERS PEN OPPENHEIMERFUNDS INC SWISSCANTO FONDSLEIT CREDIT SUISSE

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

RBC Capital Markets FIONA SWAFFIELD Nomura JON PEACE Exane BNP Paribas DANIEL DAVIES AlphaValue DIETER HEIN Macquarie PIERS BROWN Main First Bank AG KILIAN MAIER Morgan Stanley HUW VAN STEENIS Independent Research GmbH STEFAN BONGARDT JPMorgan KIAN ABOUHOSSEIN Oddo & Cie JEAN SASSUS Bankhaus Lampe NEIL SMITH Berenberg Bank JAMES CHAPPELL Day by Day VALERIE GASTALDY Helvea TIM DAWSON Barclays JEREMY SIGEE Mediobanca SpA CHRISTOPHER J WHEELER Keefe, Bruyette & Woods ANDREW STIMPSON Goldman Sachs JERNEJ OMAHEN HSBC ROBERT MURPHY Commerzbank Corporates & Markets MICHAEL DUNST Bank Vontobel AG TERESA NIELSEN EVA Dimensions DOUG WALTERS Bank am Bellevue MARC DEUSTER Natixis ANTOINE BURGARD UBS DANIELE BRUPBACHER Zuercher Kantonalbank ANDREAS VENDITTI Mirabaud Securities Claudia von Turk Myers Canaccord Genuity Corp ARUN MELMANE Bankhaus Metzler GUIDO HOYMANN Kepler Cheuvreux DIRK BECKER Deutsche Bank MATT SPICK Landesbank Baden-Wuerttemberg INGO FROMMEN S&P Capital IQ FRANK BRADEN Grupo Santander AURELIA FAURE Redburn Partners NICHOLAS WATTS Makor Capital ALBERT SAPORTA Societe Generale GEOFF DAWES Liberum Capital Ltd CORMAC LEECH Espirito Santo Investment Bank Research ANDREW LIM Nord/LB MICHAEL SEUFERT Hammer Partners SA ENRICO RACIOPPI

Source EXCH Co File Co File ULT-AGG MF-AGG EXCH ULT-AGG ULT-AGG Co File Research ULT-AGG ULT-AGG ULT-AGG MF-AGG 13F ULT-AGG Research MF-AGG MF-AGG EXCH

Recommendation outperform buy outperform add outperform outperform Overwt/In-Line buy overweight neutral sell sell hold hold equalweight outperform outperform neutral/neutral neutral hold hold overweight hold neutral buy market perform accumulate hold sell buy hold hold hold buy neutral buy buy hold neutral hold sell

Amt Held 88'475'201 74'953'677 65'086'135 55'202'293 46'888'695 40'786'715 40'357'258 39'533'428 37'800'423 31'060'000 22'494'902 20'576'142 17'291'658 12'867'359 8'624'475 7'471'729 6'965'852 5'379'886 4'492'368 4'392'336

% Out 5.61 4.75 4.13 3.5 2.97 2.59 2.56 2.51 2.4 1.97 1.43 1.3 1.1 0.82 0.55 0.47 0.44 0.34 0.28 0.28

Weighting

Change 5 5 5 4 5 5 5 5 5 3 1 1 3 3 3 5 5 3 3 3 3 5 3 3 5 3 4 3 1 5 3 3 3 5 3 5 5 3 3 3 1

M M M M M M M M M M M M M M M M M M M M M U M M M M M M M M M M M U M N M M M M M

Latest Chg 5'478'521 2'707'602 254'233 664'980 (240'419) 3'918'148 147'795 382'485 72'189 (33'747'664)

Target Price 33 33 31 30 33 32 31 35 34 27 25 13 #N/A N/A 30 28 33 36 32 29 28 28 #N/A N/A 27 25 33 #N/A N/A 29 28 23 32 28 28 30 33 #N/A N/A #N/A N/A 36 24 25 #N/A N/A 21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.02.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 12.09.2013 Investment Advisor 31.03.2013 Investment Advisor 12.03.2013 Government 30.06.2013 Investment Advisor 26.09.2013 Investment Advisor 31.12.2012 Investment Advisor 22.07.2013 Holding Company 30.06.2013 Unclassified 31.05.2013 Investment Advisor 27.09.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.07.2013 Investment Advisor 28.03.2013 Investment Advisor 05.04.2013 Investment Advisor

Date 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 15 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 19.09.2013 18.09.2013 16.09.2013 12.09.2013 11.09.2013 06.09.2013 02.09.2013 02.09.2013 19.08.2013 15.08.2013 14.08.2013 13.08.2013 07.08.2013 01.08.2013 01.08.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 23.07.2013 16.07.2013 04.07.2013 29.05.2013 18.04.2013 30.01.2013 23.10.2012 03.07.2012

30.09.2013

Deutsche Telekom AG Deutsche Telekom AG offers telecommunications services. The Company offers a full range of fixed-line telephone services, mobile communications services, Internet access, and combined information technology and telecommunications services for businesses.

Price/Volume 12

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

10 8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (21.02.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DTE GY EQUITY YTD Change DTE GY EQUITY YTD % CHANGE

12/2012 06/yy 10.89 7.98 7'062'700.00 10.66 -2.11% 33.65% 96.23% 4'451.1 47'448.93 44'614.00 0.0 4'623.0 6'046.00 97'485.93

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 0 o-12

31.12.2009 31.12.2010 64'602.0 62'421.0 1.46x 1.48x 17'335.0 17'726.0 5.46x 5.20x 353.0 1'695.0 128.63x 24.76x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 58'653.0 1.45x 20'202.0 4.22x 557.0 68.19x

31.12.2012 58'169.0 1.38x 17'728.0 4.53x (5'255.0) 17'728.00 6'720.00 11.55% -10.71% -4.23% -17.40% 0.49% 41.2% 30.0% 12.2% -9.0% 0.65 0.54 41.33% 172.12% 27.07

Price/ Cash Flow

LTM

06/yy 58'392.0 5.86x 19'592.0 4.31x 756.0 47.97x

06/yy 58'300.0 5.76x 17'498.0 5.13x (5'013.0) 0.00x

FY+1

0.68 3'031.21 19.80% 33.46% 0.680 42 3.381 14'059'130 12'782'290 12'348'600 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 59'250.2 59'997.2 14'894.7 15'444.3 1.55x 1.50x 6.27x 6.01x 17'202.2 17'636.1 4'498.0 4'268.0 5.66x 5.52x 2'771.0 3'047.8 590.5 500.0 16.81x 15.40x S&P Issuer Ratings

19.05.2008 BBB+ STABLE 08.04.2002 A-2 7.58 4.88 2.46 2.88 172.1% 59.4% 0.49 1.48 13.48 63.93 -16.66

Sales/Revenue/Turnover

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 61'666.0 1.49x 17'535.0 5.24x 1'483.0 31.62x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Deutsche Telekom AG Holdings By:

All

Holder Name KREDITANSTALT FUER W FEDERAL REPUBLIC OF BLACKSTONE BLACKROCK NORGES BANK DB PLATINUM ADVISORS VANGUARD GROUP INC ONTARIO TEACHERS PEN BANK OF NEW YORK MEL DEKABANK DEUTSCHE GI SCHRODER INVESTMENT PICTET FUNDS UNION INVESTMENT GMB UBS AG PIONEER MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE AMUNDI ING INTERNATIONAL AD SUN LIFE FINANCIAL I

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Exane BNP Paribas MATHIEU ROBILLIARD National Bank AG MARKUS GLOCKENMEIER AlphaValue HEINZ STEFFEN Independent Research GmbH MARKUS FRIEBEL Morgan Stanley RYAN FOX Bankhaus Lampe WOLFGANG SPECHT Natixis JACQUES DE GRELING Hamburger Sparkasse TINA HECKING-VELTMAN Nomura FREDERIC BOULAN Societe Generale OTTAVIO ADORISIO Deutsche Bank DAVID A WRIGHT Day by Day VALERIE GASTALDY Commerzbank Corporates & Markets HEIKE PAULS Credit Suisse JUSTIN FUNNELL Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Kepler Cheuvreux PETER KURT NIELSEN JPMorgan HANNES C WITTIG Jefferies ULRICH RATHE Nord/LB WOLFGANG DONIE Goldman Sachs TIMOTHY BODDY Makor Capital ALBERT SAPORTA M.M. Warburg Investment Research JOCHEN REICHERT Bankhaus Metzler ULRICH TRABERT DZ Bank AG CHRISTOPH BAST Barclays JONATHAN DANN Grupo Santander JOHN DAVIES Oddo & Cie ALEXANDRE IATRIDES Equinet Institutional Services(ESN) ADRIAN PEHL S&P Capital IQ ALEXANDER WISCH New Street Research CHARLES GAYNOR Macquarie GUY R PEDDY Berenberg Bank PAUL ANDREW MARSCH Steubing AG TEAM COVERAGE Raymond James STEPHANE BEYAZIAN HSBC DOMINIK KLARMANN Espirito Santo Investment Bank Research ANDREW HOGLEY UBS POLO TANG Banco Sabadell ANDRES BOLUMBURU EVA Dimensions ANDREW S ZAMFOTIS

Source Research Research ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG Research MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation outperform neutral hold reduce hold Underwt/In-Line hold reduce buy buy buy buy hold hold outperform buy buy neutral buy buy neutral/neutral sell buy buy sell equalweight underweight buy accumulate hold reduce underperform hold buy outperform neutral neutral neutral sell sell

Amt Held 774'494'730 645'412'275 191'700'000 137'220'030 68'078'517 38'107'769 34'696'477 27'700'000 26'197'611 23'899'710 15'545'121 13'370'877 12'178'782 10'238'226 9'833'493 9'354'577 8'357'003 8'327'504 6'359'036 6'304'811

% Out 17.4 14.5 4.31 3.08 1.53 0.86 0.78 0.62 0.59 0.54 0.35 0.3 0.27 0.23 0.22 0.21 0.19 0.19 0.14 0.14

Weighting

Change 5 3 3 2 3 1 3 2 5 5 5 5 3 3 5 5 5 3 5 5 3 1 5 5 1 3 1 5 4 3 2 1 3 5 5 3 3 3 1 1

M M M D D M M M U M M M M M M M M M M M M N U M M M M M M M M M M M M M M M M M

Latest Chg 10'489'242 2'274'262 (322'815) 7'755'081 2'377'173 11'676'421 (2'345'777) 450'569 986'203 47'798 (504) 1'309'266 (463'921) 282'591

Target Price 13 9 11 11 11 9 10 7 #N/A N/A 11 11 11 #N/A N/A 10 10 11 11 10 11 12 10 #N/A N/A 12 10 9 10 8 11 10 10 8 8 10 10 11 10 8 9 10 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2013 Government 30.06.2013 Government 03.08.2012 Unclassified 26.09.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2011 Pension Fund (ERISA) 27.09.2013 Investment Advisor 30.09.2013 Bank 06.09.2013 Investment Advisor 31.05.2013 Investment Advisor 28.03.2013 Investment Advisor 27.09.2013 Unclassified 30.04.2013 Unclassified 26.09.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor

Date 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided 3 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided

Date 30.09.2013 30.09.2013 26.09.2013 26.09.2013 25.09.2013 20.09.2013 18.09.2013 12.09.2013 10.09.2013 10.09.2013 06.09.2013 05.09.2013 03.09.2013 28.08.2013 23.08.2013 21.08.2013 15.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 05.08.2013 29.07.2013 29.07.2013 10.07.2013 27.05.2013 05.04.2013 01.04.2013 15.02.2013 15.01.2013

30.09.2013

Schneider Electric SA Schneider Electric SA manufactures power distribution and automation systems. The Company produces circuit breakers, remote installation management equipment, panelboards, programmable logic controllers, industrial control products, detectors, human-machine interfaces, and process controls. Schneider's products are sold various brands.

Price/Volume 70

4.0 M

3.5 M

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SU FP EQUITY YTD Change SU FP EQUITY YTD % CHANGE

12/2012 06/yy 66.99 45.85 952'328.00 62.27 -7.05% 35.83% 88.89% 560.5 34'905.30 8'132.00 0.0 174.0 3'737.00 40'343.31

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1.0 M

.5 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 18'311.0 0.95x 3'321.0 5.24x 1'682.0 7.55x

2.0 M

31.12.2009 31.12.2010 15'793.0 19'580.0 1.51x 1.68x 2'575.0 3'575.0 9.26x 9.20x 824.0 1'720.0 24.63x 17.00x Profitability

LTM-4Q 31.12.2011 22'345.0 1.23x 3'725.0 7.36x 1'793.0 12.18x

31.12.2012 23'946.0 1.44x 3'837.0 9.01x 1'840.0 16.17x 3'837.00 3'030.00 12.65% 10.42% 4.98% 11.00% 8.71% 0.67% 37.8% 16.0% 12.7% 7.7% 1.51 1.01 22.49% 48.86% 4.39 4.31

Price/ Cash Flow

LTM

06/yy 23'459.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 23'968.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.32 505.49 39.66% 17.31% 1.317 25 3.720 1'247'878 1'302'069 1'354'335 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 24'470.9 26'332.2 6'306.0 6'798.5 1.61x 1.46x 4'020.6 4'445.9 10.02x 9.06x 2'215.7 2'490.4 15.24x 13.63x S&P Issuer Ratings

17.07.2013 A- *14.03.2007 A-2 9.97 8.74 1.37 2.08 48.9% 32.6% 0.67 9.23 83.09 84.62 105.83 57.20

Sales/Revenue/Turnover

18.00

30'000.0

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Schneider Electric SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN AMUNDI BLACKROCK SUN LIFE FINANCIAL I CAISSE DES DEPOTS ET CREDIT AGRICOLE SA VANGUARD GROUP INC ALLIANZ ASSET MANAGE FIL LIMITED NORGES BANK STATE STREET CORP SAFE INVESTMENT COMP NORTHERN CROSS LLC WELLINGTON MANAGEMEN DODGE & COX HARBOR CAPITAL ADVIS JP MORGAN SCHNEIDER ELECTRIC S SOCIETE GENERALE UBS AG

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a

Analyst

Societe Generale GAEL DE BRAY RBC Capital Markets ANDREW CARTER UBS FREDRIC STAHL AlphaValue LIONEL PELLICER S&P Capital IQ JAWAHAR HINGORANI Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research ROB VIRDEE Exane BNP Paribas OLIVIER ESNOU Barclays JAMES STETTLER Main First Bank AG CHRISTOPHER YOUL HSBC MICHAEL HAGMANN Landesbank Baden-Wuerttemberg VOLKER STOLL Goldman Sachs DANIELA COSTA Independent Research GmbH MARKUS FRIEBEL Redburn Partners JAMES MOORE Oddo & Cie ALFRED GLASER Berenberg Bank WILLIAM MACKIE Kepler Cheuvreux PIERRE BOUCHENY Natixis ARNAUD SCHMIT Nomura DANIEL CUNLIFFE Canaccord Genuity Corp ANDREW BELL Morgan Stanley BEN UGLOW Deutsche Bank MARTIN WILKIE Credit Suisse SIMON TOENNESSEN JPMorgan ANDREAS WILLI EVA Dimensions TIMOTHY STANISH CM - CIC Securities(ESN) ARI AGOPYAN Banco Sabadell MARIA CEBOLLERO

Source ULT-AGG Research ULT-AGG ULT-AGG Research RNS-RUL8 ULT-AGG ULT-AGG ULT-AGG RNS-RUL8 ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8 MF-AGG ULT-AGG RNS-RUL8 RNS-RUL8 ULT-AGG

Recommendation buy outperform sell add hold hold buy outperform suspended coverage outperform overweight hold Buy/Neutral hold buy buy hold reduce neutral neutral hold restricted restricted neutral restricted hold hold buy

Amt Held 29'876'141 27'220'485 22'784'746 22'227'781 20'349'002 19'194'142 18'060'558 15'269'981 14'539'679 12'762'212 12'759'847 12'614'776 12'361'186 12'359'201 11'305'324 10'805'527 10'609'344 9'009'626 8'997'787 8'901'657

% Out 5.33 4.86 4.06 3.97 3.63 3.42 3.22 2.72 2.59 2.28 2.28 2.25 2.21 2.2 2.02 1.93 1.89 1.61 1.61 1.59

Weighting

Change

5 5 1 4 3 3 5 5 #N/A N/A 5 5 3 5 3 5 5 3 2 3 3 3 #N/A N/A #N/A N/A 3 #N/A N/A 3 3 5

M M D M M M M M M N M M M M M M M M M M M M M M M M M M

Latest Chg (1'068) (1'168'334) 17'008 365'026 196'876 308 85'990 (3'007) 28'686 8'005 3'460 (43'810) 199'823 (139'993) 8'228 (140'284)

Target Price 73 65 53 73 66 #N/A N/A 72 65 #N/A N/A 75 74 60 65 65 #N/A N/A 64 60 58 63 58 60 #N/A N/A #N/A N/A 58 #N/A N/A #N/A N/A 58 48

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 15.08.2013 16.05.2012 26.09.2013 28.08.2013 31.12.2012 20.09.2013 28.08.2013 31.08.2013 20.09.2013 12.07.2013 27.09.2013 22.07.2013 30.07.2013 28.08.2013 11.07.2013 30.06.2013 20.09.2013 05.08.2013 15.08.2013 27.09.2013

Date 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Bank Unclassified

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 18.09.2013 16.09.2013 09.09.2013 09.09.2013 05.09.2013 27.08.2013 14.08.2013 09.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 17.07.2013 12.07.2013 12.07.2013 12.07.2013 06.06.2013 23.04.2013 15.02.2013

30.09.2013

National Grid PLC National Grid PLC is an investor-owned utility company which distributes gas. The PLC owns and operates the electricity transmission network in England and Wales, the gas transmission network in Great Britain, and electricity transmission networks in the Northeastern United States. National Grid also operates the electricity transmission networks in Scotland.

Price/Volume 900

25.0 M

800 20.0 M

700 600

15.0 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (15.02.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NG/ LN EQUITY YTD Change NG/ LN EQUITY YTD % CHANGE

03/2013 01/yy 849.50 678.00 2'124'007.00 732 -13.83% 7.96% 35.57% 3'729.9 27'303.11 28'095.00 0.0 5.0 6'102.00 49'301.10

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200

5.0 M

100 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 15'624.0 2.41x 4'037.0 9.34x 944.0 14.32x

10.0 M

300

31.03.2010 31.03.2011 14'007.0 14'343.0 2.84x 2.90x 4'309.0 4'845.0 9.24x 8.58x 1'386.0 2'159.0 13.25x 9.30x Profitability

31.03.2012 13'832.0 3.16x 4'777.0 9.14x 2'036.0 11.04x

31.03.2013 14'359.0 3.49x 5'005.0 10.00x 2'295.0 12.21x

5'005.00 3'644.00 25.38% 20.34% 4.50% 23.58% 11.34% 0.28% 34.9% 25.4% 16.0% 1.29 1.00 51.36% 274.69% 12.72 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.58 0.53 3'724.43 13.29% 7.83% 0.525 21 3.238 6'035'238 6'539'885 6'332'556 FY+2

03/14 Y 03/15 Y 14'911.0 15'375.5 3.38x 3.37x 5'293.0 5'545.0 9.31x 8.89x 1'930.3 2'059.3 14.00x 13.28x S&P Issuer Ratings

FQ+1

FQ+2

24.08.2007 ASTABLE 24.08.2007 A-2 2.18 0.78 4.39 5.61 274.7% 73.3% 0.28 0.41 28.70 -

Sales/Revenue/Turnover

12.00

18'000.0 16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 6.00

8'000.0 6'000.0

4.00

4'000.0 2.00 0.00 02.04.2010

2'000.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

National Grid PLC Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK LEGAL & GENERAL CRESCENT HOLDING GMB VANGUARD GROUP INC SCOTTISH WIDOWS NORGES BANK NORGES BANK INVESTME STATE STREET CORP PICTET FUNDS NOMURA BREWIN DOLPHIN LIMIT MONDRIAN INVESTMENT AXA PEOPLES REPUBLIC OF PRUDENTIAL PLC STOCK LENDING ACCOUN FIL LIMITED DEUTSCHE PRIVATE BAN THREADNEEDLE

Firm Name RBC Capital Markets AlphaValue UBS Barclays Goldman Sachs Exane BNP Paribas Independent Research GmbH Day by Day Societe Generale Credit Suisse HSBC Morgan Stanley Liberum Capital Ltd S&P Capital IQ Deutsche Bank Berenberg Bank EVA Dimensions JPMorgan Redburn Partners

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst JOHN MUSK MYRIAM COHEN STEPHEN HUNT PETER BISZTYGA ANDREW MEAD IAIN TURNER SVEN DIERMEIER VALERIE GASTALDY ASHLEY THOMAS MARK FRESHNEY VERITY MITCHELL BOBBY CHADA PETER ATHERTON CLIVE ROBERTS MARTIN BROUGH TEAM COVERAGE DOUG WALTERS EDMUND REID JAMIE TUNNICLIFFE

Source ULT-AGG ULT-AGG ULT-AGG RNS-MAJ ULT-AGG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG ULT-AGG REG REG ULT-AGG REG ULT-AGG REG ULT-AGG REG ULT-AGG

Recommendation outperform reduce neutral overweight Sell/Neutral neutral hold hold sell outperform overweight Overwt/In-Line buy hold sell hold underweight neutral neutral

Amt Held 403'430'699 182'630'798 150'762'820 149'414'285 130'759'413 88'220'510 87'631'999 87'598'229 62'659'319 49'092'363 46'953'805 43'256'010 41'613'515 37'487'005 37'000'018 34'263'175 33'192'138 32'401'485 30'101'911 29'309'222

% Out 10.82 4.9 4.04 4.01 3.51 2.37 2.35 2.35 1.68 1.32 1.26 1.16 1.12 1.01 0.99 0.92 0.89 0.87 0.81 0.79

Weighting

Change 5 2 3 5 1 3 3 3 1 5 5 5 5 3 1 3 1 3 3

M M D M M M M M M M M M N M M M M M D

Latest Chg (1'921'199) 4'264'861 14'622'233 (1'187'842) (2'830'674) (2'360'716) (779'643) 644'804 (680'082) 16'540'273 (668'863) 3'763'450 (19'830'814) 15'889'686 (1'977'792) 5'447'195 6'304'725

Target Price 900 786 740 850 695 780 810 #N/A N/A 730 800 885 880 730 789 660 740 #N/A N/A 735 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.08.2013 Investment Advisor 26.09.2013 Investment Advisor 31.07.2013 Unclassified 17.07.2013 Investment Advisor 30.06.2013 Unclassified 03.06.2013 Unclassified 31.12.2012 Government 03.06.2013 Government 27.09.2013 Investment Advisor 16.07.2013 Investment Advisor 03.06.2013 Unclassified 03.06.2013 Investment Advisor 03.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 03.06.2013 Government 03.06.2013 Unclassified 03.06.2013 Other 03.06.2013 Investment Advisor 03.06.2013 Unclassified 30.06.2013 Unclassified

Date 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month Not Provided

Date 30.09.2013 26.09.2013 23.09.2013 13.09.2013 09.09.2013 02.09.2013 28.08.2013 12.08.2013 08.08.2013 07.08.2013 07.08.2013 06.08.2013 31.07.2013 29.07.2013 10.06.2013 10.06.2013 06.06.2013 31.05.2013 24.05.2013

30.09.2013

BT Group PLC BT Group plc provides telecommunications services. The Company provides local and long-distance telephone call products and services in the UK, international telephone calls to and from the UK, broadband network solutions and web hosting to corporate customers, network ADSL, ISDN, and IP services to communication companies and narrowband and broadband internet access and related services.

Price/Volume 400

200

03/2013 06/yy 350.60 212.50 3'983'077.00 342.9 -2.17% 61.36% 96.96% 7'908.1 27'116.87 10'013.00 0.0 0.0 1'455.00 35'859.87

30.0 M

150

20.0 M

100 10.0 M

50 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

31.03.2010 31.03.2011 20'859.0 20'076.0 1.01x 1.23x 5'594.0 5'886.0 3.76x 4.19x 1'028.0 1'502.0 9.33x 9.58x Profitability

LTM-4Q 31.03.2012 19'307.0 1.41x 5'654.0 4.82x 2'003.0 8.77x

31.03.2013 18'253.0 1.67x 5'945.0 5.12x 2'091.0 10.41x

5'945.00 3'102.00 16.99% 13.70% 7.95% 170.17% 21.08% 0.72% 32.9% 17.3% 11.5% 0.61 0.39 40.33% -

Price/ Cash Flow

LTM

06/yy 19'047.0 5.21x 5'670.0 4.61x 2'033.0 8.10x

06/yy 17'982.0 6.56x 5'922.0 5.59x 1'985.0 12.22x

FY+1

2.77 0.82 7'896.02 53.49% 51.31% 0.819 27 3.593 8'495'382 11'588'160 12'848'830 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 18'118.5 18'044.0 4'459.0 4'497.0 1.90x 1.85x 7.97x 7.72x 6'038.2 6'207.1 1'430.0 1'523.0 5.94x 5.78x 1'972.0 2'202.7 13.40x 11.99x S&P Issuer Ratings

19.07.2011 BBB STABLE 19.07.2011 A-2 8.86 5.16 1.48 1.70 102.7% 0.72 1.27 -

Sales/Revenue/Turnover

9.00

22'000.0 21'500.0 21'000.0 20'500.0 20'000.0 19'500.0 19'000.0 18'500.0 18'000.0 17'500.0 17'000.0 16'500.0

8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 02.04.2010

40.0 M

250

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.09.2013) 52-Week Low (31.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BT/A LN EQUITY YTD Change BT/A LN EQUITY YTD % CHANGE

31.03.2009 21'390.0 0.88x 3'629.0 5.19x (193.0) -

60.0 M

350

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

BT Group PLC Holdings By:

All

Holder Name INVESCO LTD PERPETUAL INVESTMENT BLACKROCK LEGAL & GENERAL BT GROUP PLC SHAREVI THREADNEEDLE SCOTTISH WIDOWS VANGUARD GROUP INC STANDARD LIFE INVEST NORGES BANK INVESTME FIL LIMITED NORGES BANK STATE STREET CORP AVIVA PLC AXA PEOPLES REPUBLIC OF PRUDENTIAL PLC AVIVA INVESTORS ARTEMIS INVESTMENT M HSBC INVESTMENTS UK

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Nomura JAMES BRITTON Exane BNP Paribas MICHAEL WILLIAMS AlphaValue JEAN-MICHEL SALVADOR Barclays MAURICE PATRICK Berenberg Bank BARRY ZEITOUNE Deutsche Bank DAVID A WRIGHT Credit Suisse PAUL SIDNEY Jefferies JEREMY A DELLIS Morgan Stanley TERENCE TSUI Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research ANDREW HOGLEY Macquarie GUY R PEDDY EVA Dimensions ANDREW S ZAMFOTIS UBS NICK LYALL Societe Generale OTTAVIO ADORISIO JPMorgan CARL MURDOCK-SMITH Raymond James STEPHANE BEYAZIAN Landesbank Baden-Wuerttemberg RALPH SZYMCZAK S&P Capital IQ JAMES CRAWSHAW Oriel Securities Ltd JOHN KARIDIS New Street Research JAMES RATZER Goldman Sachs ANDREW LEE Oddo & Cie ALEXANDRE IATRIDES HSBC STEPHEN HOWARD

Source ULT-AGG MF-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG REG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG REG ULT-AGG REG MF-AGG REG

Recommendation outperform buy neutral reduce overweight buy hold outperform buy Equalwt/In-Line hold buy underperform underweight neutral hold neutral outperform sell hold buy neutral Buy/Neutral reduce neutral

Amt Held 782'112'111 530'869'513 382'736'261 331'177'506 274'615'887 267'823'498 203'634'704 196'241'263 174'035'329 173'818'968 155'820'521 146'448'697 133'807'225 113'972'546 104'377'931 104'096'932 99'255'333 91'662'854 90'844'770 86'745'508

% Out 9.89 6.71 4.84 4.19 3.47 3.39 2.58 2.48 2.2 2.2 1.97 1.85 1.69 1.44 1.32 1.32 1.26 1.16 1.15 1.1

Weighting

Change 5 5 3 2 5 5 3 5 5 3 3 5 1 1 3 3 3 5 1 3 5 3 5 2 3

M M M M M M M M M M M M M D M M M M M M M M M M M

Latest Chg 4'074'464 906'276 (5'865'047) 11'272'301 (2'001'993) 26'113'685 8'359'939 23'086'002 34'695'884 12'229'270 (4'020'921) (1'388'931) (15'303'089) 8'219'129 (2'556'548) (27'322'335) 12'800'853 (3'719'189)

Target Price 385 390 277 325 400 375 300 350 385 310 #N/A N/A 405 180 #N/A N/A 330 245 330 340 242 370 390 350 400 175 220

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.09.2013 30.08.2013 26.09.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 27.09.2013 31.07.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.12.2012 01.08.2013

Date 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 6 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Unclassified Unclassified Unclassified Investment Advisor Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 30.09.2013 26.09.2013 23.09.2013 13.09.2013 05.09.2013 02.09.2013 20.08.2013 15.08.2013 12.08.2013 02.08.2013 31.07.2013 30.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 11.07.2013 30.05.2013 20.11.2012

30.09.2013

ING Groep NV ING Groep N.V. offers financial services to individuals, corporations, and other institutions. The Company offers corporate, investment, and private banking services, asset and portfolio management, treasury services, and insurance. ING Groep has offices throughout the world.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (28.03.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INGA NA EQUITY YTD Change INGA NA EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 9.20 5.52 8'296'373.00 8.304 -9.68% 50.41% 79.12% 3'838.8 31'877.46 207'649.00 0.0 1'081.0 17'657.00 212'995.46

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 64'680.0 4.40x (729.0) -

10 9 8 7 6 5 4 3 2 1 0 o-12

31.12.2009 31.12.2010 46'025.0 51'411.0 5.41x 4.99x (935.0) 2'810.0 12.77x Profitability

LTM-4Q 31.12.2011 52'787.0 4.38x 5'766.0 6.70x

31.12.2012 39'304.0 5.54x 3'894.0 11.39x 12.65% 9.91% 0.39% 8.77% 1.78% 0.03% 9.9% 17.77% 366.83% -

LTM

06/yy 43'490.0 22.40x 0.0 0.00x 4'899.0 8.57x

06/yy 39'266.0 22.32x 0.0 0.00x 4'635.0 9.41x

FY+1

1.79 35.05% 17.60% 1.786 34 4.029 14'443'770 17'996'380 19'985'380 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'187.1 15'423.9 3'743.5 3'746.5 6.89x 6.76x 3'849.2 4'309.8 957.7 717.2 8.26x 7.41x 8.39x S&P Issuer Ratings

03.09.2009 A NEG 31.03.2009 A-1 366.8% 78.3% 0.03 -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

60'000.0 50'000.0 40'000.0 30'000.0 20'000.0

0.20

10'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

ING Groep NV Holdings By:

All

Holder Name BLACKROCK FRANKLIN RESOURCES NORGES BANK VANGUARD GROUP INC SUN LIFE FINANCIAL I CARMIGNAC GESTION CAPITAL GROUP COMPAN BNP PARIBAS ING INVESTMENT MANAG THORNBURG INVESTMENT DEUTSCHE BANK AG ALLIANZ ASSET MANAGE UNION INVESTMENT GMB ACHMEA BELEGGINSFOND ARTISAN PARTNERS HOL SCHRODER INVESTMENT DB PLATINUM ADVISORS MERCURY ASSET MANAGE AMUNDI WADDELL & REED FINAN

Firm Name AlphaValue Mediobanca SpA Exane BNP Paribas Morgan Stanley RBC Capital Markets JPMorgan KBC Securities Oddo & Cie Kepler Cheuvreux Nomura Keefe, Bruyette & Woods S&P Capital IQ Theodoor Gilissen Securities Goldman Sachs SNS Securities(ESN) Hamburger Sparkasse Credit Suisse Barclays Berenberg Bank HSBC Independent Research GmbH Petercam Rabobank International Landesbank Baden-Wuerttemberg Macquarie Jefferies Deutsche Bank Day by Day Societe Generale UBS EVA Dimensions DZ Bank AG

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst JEROME CASSAGNE ALAIN TCHIBOZO FRANCOIS BOISSIN DAVID ANDRICH GORDON AITKEN ASHIK MUSADDI MATTHIAS DE WIT NICOLAS JACOB BENOIT PETRARQUE MARCO KISIC WILLIAM HAWKINS RODERICK WALLACE TOM MULLER MARTIN LEITGEB LEMER SALAH CHRISTIAN HAMANN RICHARD BURDEN KIRI VIJAYARAJAH JAMES CHAPPELL STEVEN HAYWOOD STEFAN BONGARDT TOM VAN KEMPEN COR KLUIS WERNER SCHIRMER THOMAS STOEGNER OMAR FALL DAVID LOCK VALERIE GASTALDY PHILIP RICHARDS ANTON KRYACHOK DOUG WALTERS WERNER EISENMANN

Source ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation reduce outperform neutral Overwt/In-Line outperform overweight hold neutral reduce buy market perform hold hold Buy/Neutral buy hold outperform equalweight buy neutral hold add buy hold neutral buy buy hold buy buy buy buy

Amt Held 189'941'686 180'654'154 90'214'200 60'462'630 42'306'308 41'376'650 41'280'000 33'413'069 28'773'377 26'018'515 25'155'275 24'611'894 20'024'798 19'776'736 18'398'613 17'018'179 11'988'686 11'881'213 11'646'676 11'180'790

% Out 4.95 4.71 2.35 1.58 1.1 1.08 1.08 0.87 0.75 0.68 0.66 0.64 0.52 0.52 0.48 0.44 0.31 0.31 0.3 0.29

Weighting

Change 2 5 3 5 5 5 3 3 2 5 3 3 3 5 5 3 5 3 5 3 3 4 5 3 3 5 5 3 5 5 5 5

M M D M M M M M M M M M M M M M M M M M M D M M M M M M M M M M

Latest Chg (814'810) (1'096'298) 1'426'126 2'840'522 18'750'000 6'116'889 (1'347'595) 20'555'914 1'370'536 827'681 1'163'679 1'316 (4'688'475) (903'636) 6'808'036 60'710 3'915'994 6'753'710

Target Price 8 10 9 10 10 11 9 8 7 10 8 9 9 12 11 #N/A N/A 9 9 10 9 10 9 10 9 8 11 10 #N/A N/A 10 10 #N/A N/A 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.08.2013 31.12.2012 30.06.2013 31.07.2013 28.06.2013 30.06.2013 31.08.2013 30.06.2013 31.07.2013 31.07.2013 31.07.2013 28.03.2013 30.06.2013 31.03.2013 30.06.2013 24.09.2013 26.09.2013 30.04.2013 30.06.2013

Date 6 month 12 month Not Provided 12 month 12 month 15 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 25.09.2013 23.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 16.09.2013 16.09.2013 12.09.2013 05.09.2013 04.09.2013 02.09.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 26.08.2013 21.08.2013 19.08.2013 12.08.2013 12.08.2013 08.08.2013 08.08.2013 06.06.2013 10.05.2013

30.09.2013

Air Liquide SA Air Liquide SA, through its subsidiaries, produces, markets, and sells industrial and healthcare gases worldwide. These gases include liquid nitrogen, argon, carbon dioxide, and oxygen. The Company also produces welding equipment, diving equipment, and technical-medical equipment. Air Liquide sells its products throughout Europe, the United States, Canada, Africa, and Asia.

Price/Volume 120

80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (21.02.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AI FP EQUITY YTD Change AI FP EQUITY YTD % CHANGE

12/2012 06/yy 105.65 88.55 159'905.00 102.5 -2.98% 15.75% 86.26% 311.9 31'965.09 7'273.70 0.0 232.6 1'154.20 39'044.19

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40 20 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 13'103.1 1.73x 2'941.8 7.71x 1'220.0 13.93x

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

100

31.12.2009 31.12.2010 11'976.1 13'488.0 2.25x 2.38x 2'969.0 3'374.3 9.08x 9.50x 1'230.0 1'403.6 17.67x 18.97x Profitability

LTM-4Q 31.12.2011 14'456.9 2.25x 3'563.6 9.13x 1'534.9 17.60x

31.12.2012 15'326.3 2.34x 3'792.3 9.48x 1'609.4 18.38x 3'792.30 2'560.50 16.71% 14.63% 6.36% 15.94% 0.62% 24.9% 16.8% 10.5% 1.03 0.77 29.09% 71.23% 5.36 -

Price/ Cash Flow

LTM

06/yy 14'702.2 0.00x 0.0 0.00x 0.0 0.00x

06/yy 15'354.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.75 310.50 9.04% 10.65% 0.752 34 3.588 445'472 540'656 566'554 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'770.5 16'902.9 3'944.0 4'170.4 2.44x 2.26x 9.10x 3'965.1 4'320.1 2'081.0 9.84x 9.03x 1'656.8 1'854.3 905.0 19.23x 17.32x S&P Issuer Ratings

02.07.2007 A STABLE 06.05.2004 A-1 13.84 6.51 1.79 2.06 71.2% 41.1% 0.62 1.20 68.07 -

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Air Liquide SA Holdings By:

All

Holder Name NORGES BANK THORNBURG INVESTMENT BLACKROCK VANGUARD GROUP INC AMUNDI LANSDOWNE PARTNERS L SUN LIFE FINANCIAL I HARBOR CAPITAL ADVIS NATIXIS ASSET MANAGE BNP PARIBAS DEUTSCHE BANK AG BANK OF NEW YORK MEL AIR LIQUIDE MERCURY ASSET MANAGE CAPITAL GROUP COMPAN LBPAM NEW YORK LIFE INVEST ALLIANZ ASSET MANAGE UBS AG HARTFORD INVESTMENT

Portfolio Name Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Firm Name

Analyst

Sanford C. Bernstein & Co Canaccord Genuity Corp Exane BNP Paribas Societe Generale Credit Suisse JPMorgan Deutsche Bank AlphaValue Macquarie Goldman Sachs Day by Day Main First Bank AG Kepler Cheuvreux Hamburger Sparkasse Landesbank Baden-Wuerttemberg Jefferies Independent Research GmbH Commerzbank Corporates & Markets S&P Capital IQ HSBC Natixis Nomura Morgan Stanley Berenberg Bank Barclays CM - CIC Securities(ESN) EVA Dimensions Liberum Capital Ltd UBS Banco Sabadell Alembic Global Advisors Redburn Partners

JEREMY REDENIUS PAUL W SATCHELL HEIDI VESTERINEN PETER CLARK CHRIS COUNIHAN MARCUS DIEBEL TIMOTHY JONES FABRICE FARIGOULE CHRISTIAN FAITZ RAKESH PATEL VALERIE GASTALDY THOMAS SWOBODA MARKUS MAYER MARCO GUENTHER ULLE WORNER LAURENCE ALEXANDER CHRISTOPH SCHOENDUBE STEPHAN KIPPE JOHNSON IMODE GEOFF HAIRE FREDERIC WILLIAMS-GOBEAUX JEAN DE WATTEVILLE PETER MACKEY JOHN PHILIPP KLEIN GUNTHER ZECHMANN ARI AGOPYAN TIMOTHY STANISH ADAM COLLINS THOMAS GILBERT PATRICIA GARCIA SANCHEZ HASSAN I AHMED TONY JONES

Source MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG Short ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation outperform hold outperform hold outperform overweight buy reduce outperform neutral/neutral hold outperform buy hold buy hold hold buy hold neutral neutral neutral Equalwt/In-Line hold underweight accumulate underweight buy neutral buy neutral buy

Amt Held % Out 6'786'466 2.18 4'338'844 1.39 3'897'949 1.25 3'600'917 1.15 2'807'011 0.9 (2'774'061) -0.89 2'250'550 0.72 2'061'795 0.66 1'774'082 0.57 1'519'087 0.49 1'446'000 0.46 1'265'614 0.41 1'003'394 0.32 961'885 0.31 942'077 0.3 844'641 0.27 809'084 0.26 796'354 0.26 763'181 0.24 680'866 0.22

Weighting

Change 5 3 5 3 5 5 5 2 5 3 3 5 5 3 5 3 3 5 3 3 3 3 3 3 1 4 1 5 3 5 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 23'508 71'615 (38'991) 31'170 62'584 1'380'410 (29'601) 950'589 2'627 (10'648) 4'920 37'000 (4'158) 801'157 (2'145) (8'199) 35'583

Target Price 124 90 105 105 103 122 115 100 116 118 #N/A N/A 105 111 #N/A N/A 112 110 103 120 106 108 83 104 104 98 93 106 #N/A N/A 109 91 111 95 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Government 31.07.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Unclassified 31.07.2013 Investment Advisor 18.06.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Unclassified 31.07.2013 Investment Advisor 27.09.2013 Investment Advisor 31.12.2012 Corporation 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.07.2013 Insurance Company 31.07.2013 Investment Advisor 27.09.2013 Unclassified 31.08.2013 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 15 month 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided

Date 27.09.2013 27.09.2013 26.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 05.09.2013 04.09.2013 30.08.2013 20.08.2013 20.08.2013 13.08.2013 09.08.2013 07.08.2013 06.08.2013 05.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 23.07.2013 17.07.2013 13.06.2013 06.06.2013 26.04.2013 25.04.2013 15.02.2013 15.10.2012 08.10.2012

30.09.2013

Hennes & Mauritz AB Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens, and children. The Company sells a variety trendy, sporty, and classic garments in addition to accessories such as jewelery, bags, and scarves, and cosmetics. H&M owns and operates stores in many European countries and the United States.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HMB SS EQUITY YTD Change HMB SS EQUITY YTD % CHANGE

Price/Volume

11/2012 08/yy 285.00 209.70 1'351'930.00 279.1 -2.04% 33.09% 94.29% 1'460.7 461'930.59 0.00 0.0 0.0 17'143.00 450'977.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

250

10.0 M

200

8.0 M

150

6.0 M

100

4.0 M

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.11.2008 88'532.0 2.53x 22'340.0 10.02x 15'294.0 16.12x

300

30.11.2009 30.11.2010 101'393.0 108'483.0 3.15x 3.39x 24'474.0 27'720.0 13.04x 13.28x 16'384.0 18'681.0 20.82x 21.03x Profitability

LTM-4Q 30.11.2011 109'999.0 3.03x 23'641.0 14.08x 15'821.0 22.39x

30.11.2012 120'799.0 2.82x 25'459.0 13.36x 16'867.0 21.19x 25'459.00 21'754.00 18.01% 18.45% 30.87% 43.45% 43.46% 2.28% 59.5% 20.5% 17.2% 14.0% 2.66 1.38 0.00% 0.00% 3.52

Price/ Cash Flow

LTM

FY+1

0.90 27.47% 29.57% 0.904 36 3.083 4'724'231 2'676'101 2'347'101 FY+2

FQ+1

FQ+2

08/yy 08/yy 11/13 Y 11/14 Y 11/13 Q4 02/14 Q1 119'248.0 124'569.0 128'122.2 142'684.3 35'768.3 31'619.6 12.00x 11.77x 3.49x 3.13x 25'444.0 25'491.0 26'508.6 30'238.7 8'594.6 4'918.3 15.05x 15.38x 17.01x 14.91x 15.77x 15.25x 16'937.0 16'831.0 17'387.9 19'946.8 5'930.7 2'956.4 23.41x 23.94x 26.57x 23.06x 24.48x 23.90x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

5091.80 3877.60 -0.43 0.00 0.0% 0.0% 2.28 6.53 103.76 84.41

Sales/Revenue/Turnover

25.00

140'000.0 120'000.0

20.00

100'000.0 15.00

80'000.0 60'000.0

10.00

40'000.0 5.00

0.00 04.12.2009

20'000.0 0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Hennes & Mauritz AB Holdings By:

All

Holder Name PERSSON STEFAN THAM LOTTIE ALECTA PENSIONSFORSA SWEDBANK ROBUR FONDE SEB AMF FORAKRING OCH FO CLEARSTREAM BANKING JP MORGAN CHASE BANK SSB CL OMNIBUS FOLKSAM GROUP AFA FORSAKRINGAR CAPITAL GROUP COMPAN FJARDE AP-FONDEN HANDELSBANKEN FONDER BENGTSSON JAN NORDEA FONDER AB/SWE NORGES BANK AMF FONDER AB THORNBURG INVESTMENT NORDEA INVESTMENT FU

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Sanford C. Bernstein & Co JAMIE MERRIMAN Independent Research GmbH ZAFER RUZGAR Grupo Santander REBECCA MCCLELLAN Societe Generale ANNE CRITCHLOW Credit Suisse SIMON IRWIN Raymond James CEDRIC LECASBLE SEB Enskilda NICKLAS FHARM Cantor Fitzgerald ALLEGRA PERRY Nordea Equity Research STEFAN STJERNHOLM Handelsbanken ERIK SANDSTEDT Swedbank CHRISTIAN ANDERSON Natixis JEAN BAPTISTE TEISSIER Nomura FRASER RAMZAN Redburn Partners GEOFF LOWERY Exane BNP Paribas SIMON BOWLER Barclays CHRISTODOULOS CHAVIARAS Telsey Advisory Group DANA TELSEY Danske Markets ANDERS HANSSON UBS ADAM COCHRANE Carnegie NIKLAS EKMAN Stifel RICHARD E JAFFE ISI Group OMAR SAAD S&P Capital IQ WILLIAM MACK AlphaValue VIRGINIE BLIN DNB Markets HAAKON ASCHEHOUG Deutsche Bank CHARLIE MUIR-SANDS Hamburger Sparkasse CHRISTIAN HAMANN ABG Sundal Collier ANDREAS LUNDBERG HSBC PAUL ROSSINGTON Kepler Cheuvreux DANIEL OVIN Morgan Stanley GEOFFREY RUDDELL Goldman Sachs FRANKLIN WALDING EVA Dimensions CRAIG STERLING Espirito Santo Investment Bank Research FILIPE ROSA Sydbank SOEREN LONTOFT HANSEN

Source Research Research Research Research ULT-AGG Research Research Research Research Research Research ULT-AGG Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG Research

Recommendation underperform hold underweight buy outperform underperform buy hold sell buy buy neutral neutral buy underperform overweight no rating system buy buy buy hold neutral hold reduce sell buy hold buy underweight hold Underwt/Cautious Sell/Neutral underweight sell hold

Amt Held 429'449'332 88'080'400 65'340'000 46'207'198 34'238'883 33'183'861 29'003'861 28'345'566 27'316'541 17'812'084 17'365'420 15'541'950 15'518'751 15'328'521 14'222'030 14'119'251 13'811'864 13'572'880 12'011'946 11'904'522

% Out 29.4 6.03 4.47 3.16 2.34 2.27 1.99 1.94 1.87 1.22 1.19 1.06 1.06 1.05 0.97 0.97 0.95 0.93 0.82 0.82

Weighting

Change

1 3 1 5 5 1 5 3 1 5 5 3 3 5 1 5 #N/A N/A 5 5 5 3 3 3 2 1 5 3 5 1 3 1 1 1 1 3

M U M U U M M U M M M M M M M M M M M M M M M M M M M U M U M D D M M

Latest Chg 128'689 (3'779'000) (1'609'372) 1'267'000 (505'600) -

Target Price 195 300 254 317 315 242 300 270 255 340 305 260 278 #N/A N/A 240 315 245 315 310 #N/A N/A #N/A N/A 290 295 235 200 275 #N/A N/A 250 230 230 195 205 #N/A N/A 185 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 n/a 31.01.2013 n/a 31.01.2013 Pension Fund (ERISA) 31.01.2013 Investment Advisor 31.03.2013 Unclassified 31.01.2013 n/a 31.01.2013 Bank 31.01.2013 Investment Advisor 31.01.2013 Other 28.09.2012 Insurance Company 31.01.2013 Insurance Company 30.06.2013 Investment Advisor 31.01.2013 Pension Fund (ERISA) 28.09.2012 Investment Advisor 31.01.2013 n/a 30.08.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.07.2013 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 30.09.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 19.09.2013 17.09.2013 22.07.2013 25.06.2013 20.06.2013 20.06.2013 19.06.2013 28.05.2013 25.04.2013 19.11.2012 01.10.2012

30.09.2013

Danone SA Danone is a food processing company. The Company produces dairy products, beverages, baby food and clinical/medical nutrition products.

Price/Volume 70

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.08.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BN FP EQUITY YTD Change BN FP EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

1.0 M

10 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 15'220.0 2.09x 2'796.0 11.35x 1'313.0 19.75x

3.0 M

12/2012 06/yy 60.45 45.61 641'430.00 55.46 -8.24% 21.61% 66.25% 631.0 34'996.81 9'522.00 0.0 63.0 3'017.00 43'392.81

31.12.2009 31.12.2010 14'982.0 17'010.0 2.20x 2.11x 2'844.0 3'194.0 11.61x 11.23x 1'361.0 1'875.0 17.77x 15.42x Profitability

LTM-4Q 31.12.2011 19'318.0 1.89x 3'486.0 10.45x 1'671.0 17.53x

31.12.2012 20'869.0 1.73x 3'622.0 9.99x 1'672.0 17.95x 3'622.00 2'958.00 14.17% 11.97% 5.84% 15.12% 9.31% 0.71% 50.1% 15.9% 12.7% 8.0% 0.81 0.58 32.24% 78.11% 10.23 8.78

Price/ Cash Flow

LTM

06/yy 20'065.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 21'451.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.63 534.79 18.68% 13.94% 0.630 40 3.250 1'515'853 1'473'033 1'435'540 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 21'964.9 23'170.7 5'434.2 5'394.3 1.87x 1.75x 3'717.6 3'960.2 11.64x 10.93x 1'792.3 1'944.6 18.12x 16.78x S&P Issuer Ratings

25.07.2007 ASTABLE 11.07.2007 A-2 14.78 10.80 2.46 3.26 78.1% 43.7% 0.71 5.02 35.67 41.59 105.79 -27.01

Sales/Revenue/Turnover

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Danone SA Holdings By:

All

Holder Name SUN LIFE FINANCIAL I GROUPE DANONE AMUNDI SA EURAZEO NORGES BANK SOFINA & HENEX GROUP NATIXIS ASSET MANAGE CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS CAISSE DES DEPOTS ET FCPE FONDS GROUPE DA FMR LLC FIL LIMITED BLACKROCK VANGUARD GROUP INC TRIAN FUND MANAGEMEN ALLIANZ ASSET MANAGE AMUNDI NATIXIS ASSET MANAGE MANNING & NAPIER ADV

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Independent Research GmbH LARS LUSEBRINK Morgan Stanley EILEEN KHOO JPMorgan CELINE PANNUTI Redburn Partners JEREMY FIALKO Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Helvea ANDREAS VON ARX Jefferies ALEX HOWSON AlphaValue SOPHIE CABO-BROSETA Sanford C. Bernstein & Co ANDREW WOOD Exane BNP Paribas JEFF STENT Credit Suisse CHARLES MILLS Liberum Capital Ltd PABLO ZUANIC RBC Capital Markets JAMES EDWARDES JONES Goldman Sachs MITCHELL COLLETT Equita SIM SpA FABIO FAZZARI Espirito Santo Investment Bank Research ALEX SMITH Natixis PIERRE TEGNER Oddo & Cie LAURENCE HOFMANN UBS ALAN ERSKINE CM - CIC Securities(ESN) FRANCIS PRETRE Canaccord Genuity Corp EDDY HARGREAVES Societe Generale WARREN L ACKERMAN Kepler Cheuvreux JON COX Nomura DAVID HAYES Day by Day VALERIE GASTALDY Investec MARTIN DEBOO Landesbank Baden-Wuerttemberg BARBARA AMBRUS Hamburger Sparkasse TINA HECKING-VELTMAN Berenberg Bank JAMES TARGETT Deutsche Bank HAROLD THOMPSON HSBC CEDRIC BESNARD S&P Capital IQ CARL SHORT Barclays LIAM ROWLEY Erste Group HANS ENGEL EVA Dimensions CRAIG STERLING Mirabaud Securities JULIAN LAKIN Banco Sabadell IGNACIO ROMERO Aurel - BGC JEAN-MARIE L'HOME Nord/LB WOLFGANG VASTERLING Gabelli & Co JOSEPH A GABELLI

Source ULT-AGG ULT-AGG Co File Co File Co File Co File Co File ULT-AGG MF-AGG Co File Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG Research ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold Underwt/In-Line overweight neutral outperform buy hold add market perform neutral underperform hold underperform Buy/Neutral buy buy neutral neutral neutral reduce sell hold buy buy hold hold hold hold sell hold overweight buy equalweight buy hold hold sell hold buy buy

Amt Held 55'564'634 44'051'229 20'039'020 16'433'370 15'048'614 13'584'541 12'811'179 11'376'606 9'939'780 9'783'434 8'533'644 7'751'956 6'930'071 6'501'099 6'469'985 6'431'620 5'733'658 4'521'375 4'467'453 4'324'592

% Out 8.81 6.98 3.18 2.6 2.38 2.15 2.03 1.8 1.58 1.55 1.35 1.23 1.1 1.03 1.03 1.02 0.91 0.72 0.71 0.69

Weighting

Change 3 1 5 3 5 5 3 4 3 3 1 3 1 5 5 5 3 3 3 2 1 3 5 5 3 3 3 3 1 3 5 5 3 5 3 3 1 3 5 5

D M M D M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 997'735 4'868 168'774 4'862'980 18'442 7'388 105'109 (157'544) 22'809 745'570

Target Price 61 49 74 #N/A N/A 67 64 58 63 60 66 54 #N/A N/A 57 71 66 63 56 56 56 52 45 59 63 70 #N/A N/A 61 58 #N/A N/A 58 50 66 67 57 #N/A N/A #N/A N/A 53 56 50 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Corporation 31.12.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Other 31.12.2012 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 31.12.2012 n/a 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 26.09.2013 Investment Advisor 30.06.2013 Unclassified 07.11.2012 Hedge Fund Manager 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 30.09.2013 28.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 20.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 09.09.2013 09.09.2013 05.09.2013 04.09.2013 01.09.2013 30.08.2013 20.08.2013 07.08.2013 06.08.2013 02.08.2013 02.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 01.07.2013 06.06.2013 12.04.2013 15.02.2013 13.12.2012 10.09.2012 01.11.2011

30.09.2013

L'Oreal SA L'Oreal SA manufactures, markets, and distributes health and beauty aids. The Company produces colorants, styling, and hair care products for professional hairdressers, hair care, cosmetics, and skin care products and perfumes for consumers, luxury cosmetics and perfumes sold through department stores, perfumeries and travel stores, and dermatological and pharmaceutical products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OR FP EQUITY YTD Change OR FP EQUITY YTD % CHANGE

12/2012 06/yy 137.85 94.55 216'746.00 126.8 -8.02% 34.11% 76.44% 606.2 76'861.37 248.00 0.0 4.8 1'823.20 76'293.06

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.6 M

140

1.4 M

120

1.2 M

100

1.0 M

.8 M

.6 M

.4 M

.2 M

0 o-12

31.12.2009 31.12.2010 17'472.6 19'495.8 2.72x 2.52x 3'368.7 3'757.5 14.12x 13.05x 1'792.2 2'239.7 22.81x 21.75x Profitability

LTM-4Q 31.12.2011 20'343.1 2.33x 3'955.1 12.00x 2'438.4 19.64x

31.12.2012 22'462.7 2.72x 4'538.0 13.49x 2'867.7 21.90x 4'538.00 3'697.30 16.46% 17.25% 9.99% 14.59% 14.04% 0.78% 70.7% 20.5% 16.7% 12.8% 1.29 0.79 0.84% 1.18% 6.41 3.07

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 21'406.7 0.00x 0.0 0.00x 0.0 0.00x

06/yy 22'987.6 0.00x 0.0 0.00x 0.0 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

0.67 228.55 34.02% 22.98% 0.673 37 3.432 408'553 514'633 486'182 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 23'283.5 24'622.8 5'592.7 5'866.3 3.19x 2.97x 4'719.2 5'078.5 16.12x 14.98x 3'103.7 3'352.6 24.73x 22.95x S&P Issuer Ratings

05.06.2006 A-1+ 131.54 103.86 -0.12 0.14 1.2% 1.2% 0.78 7.61 56.95 118.79 179.22 -18.84

Sales/Revenue/Turnover

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 17'541.8 2.28x 3'441.7 11.63x 1'948.3 17.80x

160

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

L'Oreal SA Holdings By:

All

Holder Name BETTENCOURT FAMILY NESTLE SA L'OREAL SA NORGES BANK BLACKROCK VANGUARD GROUP INC HARBOR CAPITAL ADVIS CAPITAL GROUP COMPAN OWEN-JONES LINDSAY COVEA FINANCE SAS AMUNDI ALLIANZ ASSET MANAGE NATIXIS ASSET MANAGE FMR LLC BANK OF NEW YORK MEL LBPAM FIL LIMITED COMGEST S A AMUNDI NEW JERSEY DIVISION

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

JPMorgan CELINE PANNUTI Sanford C. Bernstein & Co ANDREW WOOD Exane BNP Paribas EAMONN FERRY Societe Generale CHAS MANSO DE ZUNIGA Stifel MARK S ASTRACHAN Raymond James HERMINE DE BENTZMANN Liberum Capital Ltd PABLO ZUANIC Commerzbank Corporates & Markets ANDREAS RIEMANN Morgan Stanley ERIK SJOGREN Natixis PIERRE TEGNER Nomura GUILLAUME DELMAS AlphaValue ARMELLE MOULIN EVA Dimensions CRAIG STERLING Bryan Garnier & Cie CEDRIC ROSSI Redburn Partners WILLIAM HOUSTON Bankhaus Lampe MICHAEL GORNY RBC Capital Markets JAMES EDWARDES JONES Canaccord Genuity Corp EDDY HARGREAVES Oddo & Cie LEOPOLD AUTHIE Kepler Cheuvreux CATHERINE ROLLAND Main First Bank AG GAEL COLCOMBET Barclays IAIN SIMPSON Credit Suisse NICOLAS SOCHOVSKY Independent Research GmbH LARS LUSEBRINK Hamburger Sparkasse CHRISTIAN HAMANN S&P Capital IQ CARL SHORT Telsey Advisory Group DAVID WU Berenberg Bank BASSEL CHOUGHARI Goldman Sachs ROSIE EDWARDS Day by Day VALERIE GASTALDY Landesbank Baden-Wuerttemberg BARBARA AMBRUS Jefferies ALEX HOWSON HSBC CEDRIC BESNARD Espirito Santo Investment Bank Research ALEX SMITH Erste Group HANS ENGEL UBS EVA QUIROGA Deutsche Bank HAROLD THOMPSON Aurel - BGC DAVID DA MAIA Banco Sabadell IGNACIO ROMERO

Source Co File Co File Co File MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight underperform outperform buy hold outperform buy hold Underwt/In-Line neutral reduce reduce hold buy sell buy sector perform hold buy buy underperform overweight neutral hold buy hold no rating system Under Review buy/attractive hold hold buy overweight sell buy neutral hold not rated sell

Amt Held 185'661'879 178'381'021 10'454'165 6'199'218 5'105'265 5'013'043 4'446'174 4'089'800 2'998'095 2'694'718 2'049'181 1'562'693 1'507'676 1'301'676 1'151'766 974'438 894'329 856'708 726'408 725'628

% Out 30.63 29.43 1.72 1.02 0.84 0.83 0.73 0.67 0.49 0.44 0.34 0.26 0.25 0.21 0.19 0.16 0.15 0.14 0.12 0.12

Weighting

Change

5 1 5 5 3 5 5 3 1 3 2 2 3 5 1 5 3 3 5 5 1 5 3 3 5 3 #N/A N/A #N/A N/A 5 3 3 5 5 1 5 3 3 #N/A N/A 1

M M M M M M M M M M M M U M M N M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 645'213 (727'601) (1'414'300) 2'609'350 (406'216) 18'561 (363'961) (52'229) (39'626) (70'028) 381'519 193'233 (42'796) -

Target Price 145 108 167 150 #N/A N/A 138 170 120 110 110 97 119 #N/A N/A 147 #N/A N/A 145 135 112 135 135 130 144 125 135 #N/A N/A 133 130 #N/A N/A 159 #N/A N/A 120 106 121 105 #N/A N/A 140 110 #N/A N/A 92

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Corporation 31.12.2012 Corporation 31.12.2012 Government 26.09.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 n/a 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 27.09.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 30.08.2013 Unclassified 30.04.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA)

Date 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided 12 month 6 month Not Provided 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Date 27.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 17.09.2013 13.09.2013 05.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 25.07.2013 23.07.2013 23.07.2013 18.07.2013 17.07.2013 05.07.2013 03.07.2013 01.07.2013 29.05.2013 18.04.2013 07.11.2012 30.07.2012

30.09.2013

Telefonaktiebolaget LM Ericsson Telefonaktiebolaget LM Ericsson develops and manufactures network equipment and software, as well as services for network and business operations. The Company's portfolio also includes products for the enterprise, cable, mobile platform and power module markets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ERICB SS EQUITY YTD Change ERICB SS EQUITY YTD % CHANGE

12/2012 06/yy 90.95 56.60 4'402'753.00 85.55 -5.88% 51.15% 89.37% 3'043.3 281'660.88 28'667.00 0.0 1'600.0 76'708.00 244'875.89

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 208'930.0 0.71x 23'592.0 6.26x 11'273.0 16.60x

100 90 80 70 60 50 40 30 20 10 0 o-12

31.12.2009 31.12.2010 206'477.0 203'348.0 0.81x 0.98x 25'441.0 25'925.0 6.57x 7.72x 3'672.0 11'146.0 57.25x 22.42x Profitability

LTM-4Q 31.12.2011 226'921.0 0.79x 30'714.0 5.83x 12'194.0 18.51x

31.12.2012 227'779.0 0.72x 32'078.0 5.09x 5'775.0 36.25x 32'078.00 22'189.00 9.74% 4.47% -0.60% -1.17% 0.85% 31.6% 10.1% 5.7% 2.5% 1.98 1.44 10.42% 20.94% 3.51 5.00

Price/ Cash Flow

LTM

FY+1

0.92 48.03% 36.09% 0.918 37 3.892 7'321'200 7'959'426 6'725'653 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 225'478.0 228'849.0 229'636.8 239'783.4 54'897.5 67'143.2 3.11x 3.33x 1.08x 1.00x 4.63x 3.66x 33'503.0 23'074.0 27'118.9 32'639.9 7'197.1 9'494.4 5.04x 9.25x 9.03x 7.50x 8.41x 8.52x 15'035.0 (1'611.0) 13'669.5 18'187.4 3'667.7 5'199.4 13.46x 0.00x 19.58x 15.01x 16.79x 16.28x S&P Issuer Ratings Long-Term Rating Date 15.06.2007 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date 15.06.2007 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 18.50 (EBITDA-Capex)/Interest Exp. 15.37 Net Debt/EBITDA -1.66 Total Debt/EBITDA 1.15 Reference Total Debt/Equity 20.9% Total Debt/Capital 17.2% Asset Turnover 0.85 Net Fixed Asset Turnover 19.73 Accounts receivable turnover-days 103.99 Inventory Days 73.05 Accounts Payable Turnover Day 53.71 Cash Conversion Cycle 117.20 Sales/Revenue/Turnover

35.00

250'000.0

30.00

200'000.0

25.00

150'000.0

20.00 15.00

100'000.0

10.00

50'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Telefonaktiebolaget LM Ericsson Holdings By:

All

Holder Name SWEDBANK ROBUR FONDE BLACKROCK SEB AMF FONDER AB NORGES BANK INVESTME OPPENHEIMERFUNDS INC ABERDEEN ASSET MANAG INVESTOR AB DODGE & COX HANDELSBANKEN FONDER SUN LIFE FINANCIAL I VANGUARD GROUP INC FOLKSAM LO FOND AB FRANKLIN RESOURCES ORBIS HOLDINGS LIMIT NORDEA FONDER AB/SWE JANUS CAPITAL MANAGE SPP FONDER AB PLATINUM INVESTMENT AFA FORSAKRINGAR

Firm Name SEB Enskilda Carnegie HSBC DNB Markets Danske Markets Natixis EVA Dimensions Morgan Stanley Landesbank Baden-Wuerttemberg Nordea Equity Research AlphaValue Goldman Sachs National Bank AG Berenberg Bank Swedbank Exane BNP Paribas Credit Suisse Sanford C. Bernstein & Co Nomura Day by Day Deutsche Bank Societe Generale Independent Research GmbH Pohjola Bank Plc (ESN) Kepler Cheuvreux UBS JPMorgan Oddo & Cie Handelsbanken Liberum Capital Ltd Barclays Grupo Santander ABG Sundal Collier Pareto Securities S&P Capital IQ Jyske Bank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst ANDREAS JOELSSON LENA OSTERBERG RICHARD DINEEN FREDRIK THORESEN ILKKA RAUVOLA ERIC BEAUDET ANDREW S ZAMFOTIS FRANCOIS MEUNIER MIRKO MAIER DANIEL DJURBERG JEAN-MICHEL SALVADOR SIMON F SCHAFER MARKUS GLOCKENMEIER ADNAAN AHMAD HAKAN WRANNE ALEXANDER PETERC ACHAL SULTANIA PIERRE FERRAGU STUART JEFFREY VALERIE GASTALDY KAI KORSCHELT ANDY PERKINS MARKUS FRIEBEL HANNU RAUHALA SEBASTIEN SZTABOWICZ GARETH JENKINS SANDEEP S DESHPANDE VINCENT MAULAY FREDRIK LITHELL JANARDAN MENON ANDREW M GARDINER CARLOS JAVIER TREVINO PER LINDBERG ERIK PAULSSON JAMES CRAWSHAW ROBERT JAKOBSEN

Source Co File ULT-AGG ULT-AGG Co File Co File Co File Co File Co File Co File Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File

Recommendation buy buy overweight hold sell buy underweight Overwt/In-Line hold sell buy Buy/Neutral buy buy neutral outperform outperform outperform buy buy buy sell hold buy buy neutral overweight neutral reduce buy equalweight hold buy hold buy sell

Amt Held 141'913'401 107'069'425 89'710'312 75'600'000 69'572'027 67'628'249 58'953'636 58'709'995 54'067'771 54'063'621 40'199'300 39'140'497 34'211'824 30'894'099 25'562'957 22'561'543 20'423'446 18'209'026 17'915'222 15'779'975

% Out 4.66 3.52 2.95 2.48 2.29 2.22 1.94 1.93 1.78 1.78 1.32 1.29 1.12 1.02 0.84 0.74 0.67 0.6 0.59 0.52

Weighting

Change 5 5 5 3 1 5 1 5 3 1 5 5 5 5 3 5 5 5 5 5 5 1 3 5 5 3 5 3 2 5 3 3 5 3 5 1

M M M D M M D M D M M M M M D M U M M U M M M M M M M M M M M M M M D D

Latest Chg 54'425 (2'445'742) 1'302'613 396'107 702'957 (590'656) (8'988'043) (470'973) (1'033'849) 462'381 (377'850) -

Target Price 102 #N/A N/A 105 92 70 105 #N/A N/A 108 93 70 108 115 100 108 87 95 100 100 88 89 88 70 85 102 95 77 90 80 66 90 65 88 90 85 90 70

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Investment Advisor 26.09.2013 Investment Advisor 31.03.2013 Unclassified 31.12.2011 Investment Advisor 31.12.2011 Government 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 27.06.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.08.2013 Hedge Fund Manager 31.12.2011 Insurance Company

Date Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 3 month 12 month 12 month 12 month 12 month Not Provided 12 month 3 month Not Provided 12 month Not Provided Not Provided 12 month 6 month 6 month 12 month Not Provided

Date 27.09.2013 27.09.2013 23.09.2013 20.09.2013 20.09.2013 19.09.2013 17.09.2013 15.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 06.09.2013 04.09.2013 04.09.2013 04.09.2013 27.08.2013 06.08.2013 23.07.2013 22.07.2013 22.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 26.03.2012

30.09.2013

AXA SA AXA SA is an insurance company which also provides related financial services. The Company offers life and non-life insurance, reinsurance, savings and pension products, and asset management services. AXA operates in both domestic and international markets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CS FP EQUITY YTD Change CS FP EQUITY YTD % CHANGE

12/2012 06/yy 18.30 11.36 3'365'090.00 17.03 -6.89% 49.98% 86.97% 2'392.3 40'740.43 15'172.00 5'735.0 2'355.0 30'546.00 39'054.43

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 51'235.0 0.62x 923.0 51.67x

20 18 16 14 12 10 8 6 4 2 0 o-12

31.12.2009 31.12.2010 122'704.0 117'414.0 0.36x 0.29x 3'606.0 2'749.0 10.60x 12.33x Profitability

LTM-4Q 31.12.2011 98'334.0 0.18x 4'324.0 5.88x

31.12.2012 116'202.0 0.21x 4'152.0 8.10x 5.43% 4.66% 0.53% 8.47% 6.89% 0.15% 3.6% 1.99% 31.66% -

Price/ Cash Flow

LTM

FY+1

1.54 2'047.45 54.24% 33.91% 1.545 36 4.139 5'379'389 6'578'042 6'164'237 FY+2

FQ+1

FQ+2

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 0.0 100'861.1 103'380.3 #DIV/0! 0.52x 0.57x 0.0 0.00x 0.0 4'887.0 5'221.1 0.00x 8.39x 7.87x S&P Issuer Ratings Long-Term Rating Date 18.12.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 18.12.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 31.7% Total Debt/Capital 21.3% Asset Turnover 0.15 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

5.00

140'000.0

4.50

120'000.0

4.00 3.50

100'000.0

3.00

80'000.0

2.50

60'000.0

2.00

40'000.0

1.50 1.00

20'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

AXA SA Holdings By:

All

Holder Name MUTUELLES AXA AMUNDI BNP PARIBAS CAPITAL GROUP COMPAN NORGES BANK BLACKROCK HARBOR CAPITAL ADVIS FRANKLIN RESOURCES VANGUARD GROUP INC AMUNDI NATIXIS ASSET MANAGE AVIVA PLC T ROWE PRICE ASSOCIA WILLIAM BLAIR & COMP LBPAM JP MORGAN UBS AG FMR LLC AMUNDI DEKABANK DEUTSCHE GI

Firm Name Berenberg Bank AlphaValue Morgan Stanley Oddo & Cie Goldman Sachs Natixis Exane BNP Paribas Main First Bank AG Hamburger Sparkasse Raymond James Helvea Day by Day Societe Generale Independent Research GmbH Credit Suisse Keefe, Bruyette & Woods HSBC Kepler Cheuvreux DZ Bank AG EVA Dimensions Deutsche Bank RBC Capital Markets Landesbank Baden-Wuerttemberg CM - CIC Securities(ESN) Bryan Garnier & Cie Nomura S&P Capital IQ JPMorgan Barclays Macquarie Mediobanca SpA Hammer Partners SA Banco Sabadell Redburn Partners BBVA

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst PETER ELIOT JEROME CASSAGNE JON HOCKING NICOLAS JACOB WILLIAM ELDERKIN BENOIT VALLEAUX THOMAS JACQUET FEDERICO SALERNO CHRISTIAN HAMANN RAPHAEL CARUSO DANIEL BISCHOF VALERIE GASTALDY NICK HOLMES STEFAN BONGARDT RICHARD BURDEN RALPH HEBGEN KAILESH MISTRY ATANASIO PANTARROTAS THORSTEN WENZEL DOUG WALTERS OLIVER STEEL GORDON AITKEN WERNER SCHIRMER PIERRE CHEDEVILLE OLIVIER PAUCHAUT MICHAEL KLIEN RODERICK WALLACE ANDREAS VAN EMBDEN CLAUDIA GASPARI NEIL WELCH MARC THIELE ENRICO RACIOPPI MARIO LODOS LANCE BURBIDGE SILVIA RIGOL CARNEIRO

Source Co File Research ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy add Overwt/In-Line buy Buy/Neutral buy outperform underperform hold strong buy buy buy buy hold outperform market perform overweight buy buy hold buy sector perform buy buy buy buy buy underweight underweight neutral neutral buy buy neutral outperform

Amt Held 342'767'775 91'682'238 79'955'003 67'215'128 58'028'406 52'315'734 50'254'088 34'512'929 20'205'167 14'469'916 13'576'227 13'511'837 12'663'315 11'904'504 11'827'759 11'218'190 7'841'626 7'808'671 6'723'212 6'432'683

% Out 14.33 3.83 3.34 2.81 2.43 2.19 2.1 1.44 0.84 0.6 0.57 0.56 0.53 0.5 0.49 0.47 0.33 0.33 0.28 0.27

Weighting

Change 5 4 5 5 5 5 5 1 3 5 5 5 5 3 5 3 5 5 5 3 5 3 5 5 5 5 5 1 1 3 3 5 5 3 5

U M M M M M M M M M M M M M M D M M M D M M M M M M M M M D D N M M M

Latest Chg (20'493'797) (14'422) (3'214'857) 4'606'485 (5'729'981) 291'281 (244'046) (2'396'252) (53'831) (527'389) 11'904'504 93'680 1'960'855 204'627 4'060'795 (52'789) (1'217'214)

Target Price 20 20 19 21 22 21 21 16 #N/A N/A 21 19 19 23 19 20 19 21 19 20 #N/A N/A 20 15 19 19 19 23 20 14 15 16 17 21 15 #N/A N/A 22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 15.05.2012 30.04.2013 30.06.2013 31.12.2012 26.09.2013 30.06.2013 28.06.2013 30.06.2013 31.08.2013 31.05.2013 30.08.2013 30.06.2013 30.06.2013 28.03.2013 31.08.2013 27.09.2013 31.07.2013 30.04.2013 30.09.2013

Date Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 3 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month 12 month 3 month Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided

Inst Type Insurance Company Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Bank

Date 26.09.2013 26.09.2013 18.09.2013 18.09.2013 17.09.2013 17.09.2013 12.09.2013 09.09.2013 06.09.2013 22.08.2013 15.08.2013 12.08.2013 09.08.2013 09.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 29.07.2013 22.07.2013 13.07.2013 20.06.2013 25.03.2013 15.02.2013 22.11.2012 17.02.2011

30.09.2013

Zurich Insurance Group AG Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZURN VX EQUITY YTD Change ZURN VX EQUITY YTD % CHANGE

12/2012 06/yy 270.90 205.94 227'010.00 232.4 -14.21% 12.85% 42.73% 148.3 34'464.95 12'521.00 0.0 2'368.0 9'098.00 45'134.67

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

250

2.5 M

200

2.0 M

150

1.5 M

100

1.0 M

.5 M

0 o-12

31.12.2009 31.12.2010 70'123.0 67'819.0 0.50x 0.64x 3'963.0 3'428.0 7.83x 10.92x Profitability

LTM-4Q 31.12.2011 52'978.0 0.73x 3'750.0 8.80x

31.12.2012 70'446.0 0.64x 3'878.0 10.08x 8.34% 7.48% 0.89% 11.07% 8.86% 0.18% 5.5% 3.06% 36.30% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 57'825.0 2.74x 0.0 0.00x 4'006.0 8.20x

06/yy 71'670.0 2.52x 0.0 0.00x 3'505.0 10.84x

a-13 m-13

j-13

a-13

s-13

FY+1

1.12 148.14 6.01% 2.00% 1.122 37 3.486 334'800 538'749 423'098 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 58'779.0 59'959.4 0.90x 0.88x 4'113.7 4'370.9 973.3 948.3 9.47x 8.84x 8.57x 8.11x S&P Issuer Ratings

36.3% 25.4% 0.18 -

Sales/Revenue/Turnover

20.00

80'000.0

18.00

70'000.0

16.00

60'000.0

14.00

50'000.0

12.00 10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 32'331.0 0.99x 3'039.0 9.86x

300

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Zurich Insurance Group AG Holdings By:

All

Holder Name BLACKROCK ABERDEEN NORGES BANK CREDIT SUISSE CREDIT SUISSE AG VANGUARD GROUP INC FRANKLIN RESOURCES UBS AG FMR LLC FIL LIMITED PICTET FUNDS SUN LIFE FINANCIAL I TWEEDY BROWNE COMPAN BANK OF NEW YORK MEL SCHRODER INVESTMENT SWISSCANTO FONDSLEIT DIMENSIONAL FUND ADV WADDELL & REED FINAN UMB BANK N A MORGAN STANLEY

Firm Name Sanford C. Bernstein & Co Berenberg Bank Kepler Cheuvreux AlphaValue Canaccord Genuity Corp Day by Day Morgan Stanley Goldman Sachs Helvea Main First Bank AG Raymond James Banca Akros(ESN) Nomura Landesbank Baden-Wuerttemberg Exane BNP Paribas Bankhaus Metzler Barclays Keefe, Bruyette & Woods HSBC Independent Research GmbH Bank am Bellevue Credit Suisse Bank Vontobel AG RBC Capital Markets Zuercher Kantonalbank Oddo & Cie Bryan Garnier & Cie S&P Capital IQ DZ Bank AG Deutsche Bank EVA Dimensions UBS Mediobanca SpA JPMorgan Societe Generale

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst THOMAS SEIDL PETER ELIOT ATANASIO PANTARROTAS DIETER HEIN BEN COHEN VALERIE GASTALDY MARCUS RIVALDI VINIT MALHOTRA DANIEL BISCHOF RENE LOCHER RAPHAEL CARUSO MARCO CAVALLERI MICHAEL KLIEN WERNER SCHIRMER NICCOLO DALLA PALMA JOCHEN SCHMITT ANDREW BROADFIELD RALPH HEBGEN DHRUV GAHLAUT STEFAN BONGARDT ANDREAS FRICK RICHARD BURDEN STEFAN SCHUERMANN GORDON AITKEN GEORG MARTI NICOLAS JACOB OLIVIER PAUCHAUT RODERICK WALLACE THORSTEN WENZEL OLIVER STEEL DOUG WALTERS JAMES SHUCK MARC THIELE MICHAEL HUTTNER JASON KALAMBOUSSIS

Source ULT-AGG ULT-AGG EXCH EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation market perform buy buy buy hold hold Equalwt/In-Line Buy/Neutral buy underperform outperform hold neutral hold outperform buy equalweight market perform neutral hold hold neutral hold outperform market perform buy buy hold sell hold buy neutral neutral underweight hold

Amt Held 6'884'551 4'538'439 4'495'862 2'525'492 2'166'943 1'906'015 1'867'766 1'795'721 1'623'819 1'224'016 790'605 788'348 716'240 606'910 569'132 491'146 477'153 433'600 389'064 381'497

% Out 4.64 3.06 3.03 1.7 1.46 1.29 1.26 1.21 1.09 0.83 0.53 0.53 0.48 0.41 0.38 0.33 0.32 0.29 0.26 0.26

Weighting

Change 3 5 5 5 3 3 3 5 5 1 5 3 3 3 5 5 3 3 3 3 3 3 3 5 3 5 5 3 1 3 5 3 3 1 3

M M M M M M M M M M M M M U M M U M M M M M M M M M M U M M U M M D M

Latest Chg (12'193) (23'127) 787 (35'608) 39'029 (35'516) 17'915 (173'068) (653'336) (14'638) 31'432 (13'585) 93'692 2'471 (4'854) 3'271 433'600 (4'502)

Target Price 250 275 295 312 245 #N/A N/A 246 286 265 265 272 245 280 230 296 290 224 265 260 270 240 273 260 290 #N/A N/A 300 308 245 235 265 #N/A N/A 250 292 240 252

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.08.2013 23.06.2011 23.03.2010 31.05.2013 30.06.2013 30.06.2013 27.09.2013 31.07.2013 30.04.2013 31.05.2013 31.07.2013 31.03.2012 27.09.2013 31.07.2013 28.03.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013

Date 12 month Not Provided Not Provided 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided 12 month 6 month 3 month 12 month

Inst Type Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 26.09.2013 26.09.2013 26.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 12.09.2013 09.09.2013 02.09.2013 02.09.2013 30.08.2013 29.08.2013 22.08.2013 21.08.2013 21.08.2013 19.08.2013 19.08.2013 19.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 25.07.2013 15.07.2013 09.07.2013 20.06.2013 07.06.2013 20.05.2013

30.09.2013

Syngenta AG Syngenta AG produces crop protection products and seeds. The Company produces herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers.

Price/Volume 450

.7 M

400

.6 M

350

.5 M

300

12/2012 06/yy 416.00 341.00 176'576.00 366.4 -11.88% 7.45% 45.07% 93.1 34'121.42 3'348.00 0.0 11.0 1'599.00 40'892.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

200

.3 M

150

.2 M

100

.1 M

50 0 o-12

31.12.2009 31.12.2010 10'992.0 11'641.0 2.56x 2.45x 2'368.0 2'460.0 11.86x 11.60x 1'371.0 1'397.0 19.06x 19.37x Profitability

LTM-4Q 31.12.2011 13'268.0 2.11x 2'889.0 9.69x 1'599.0 16.84x

31.12.2012 14'202.0 2.72x 3'148.0 12.26x 1'872.0 19.65x 3'148.00 2'550.00 17.96% 15.15% 8.86% 20.64% 0.71% 49.2% 21.3% 17.2% 13.2% 1.71 0.75 17.26% 38.28% 2.62 1.77

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 8'265.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 14'327.0 0.00x 0.0 0.00x 0.0 0.00x

a-13

m-13

j-13

a-13

s-13

FY+1

0.83 92.99 6.77% 2.38% 0.827 30 3.867 176'196 183'223 210'605 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 15'041.4 16'062.4 4'062.5 2'922.4 2.60x 2.40x 3'313.7 3'662.7 12.33x 11.16x 2'171.7 2'418.5 1'867.0 17.40x 15.44x S&P Issuer Ratings

15.06.2007 A STABLE 15.06.2007 A-1 22.17 18.59 1.03 1.28 38.3% 27.7% 0.71 4.65 139.15 205.65 171.60 154.33

Sales/Revenue/Turnover

40.00

16'000.0

35.00

14'000.0

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 11'624.0 1.71x 2'495.0 7.99x 1'385.0 12.86x

250

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Syngenta AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN BANK OF NEW YORK NORGES BANK VANGUARD GROUP INC HARBOR CAPITAL ADVIS FMR LLC CREDIT SUISSE AG THORNBURG INVESTMENT UBS AG JUPITER ASSET MANAGE PICTET FUNDS MANNING & NAPIER ADV THREADNEEDLE SCHRODER INVESTMENT INVESCO LTD OPPENHEIMERFUNDS INC WILLIAM BLAIR & COMP T ROWE PRICE ASSOCIA FLEXSHARES TRUST

Firm Name Sanford C. Bernstein & Co Canaccord Genuity Corp AlphaValue Credit Suisse Exane BNP Paribas Day by Day Liberum Capital Ltd JPMorgan Macquarie Goldman Sachs Deutsche Bank Bank Vontobel AG Bank am Bellevue Main First Bank AG Equita SIM SpA Kepler Cheuvreux EVA Dimensions UBS Hamburger Sparkasse Barclays Morgan Stanley Jefferies Nomura S&P Capital IQ HSBC Berenberg Bank Redburn Partners Zuercher Kantonalbank

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios

Analyst JEREMY REDENIUS PAUL W SATCHELL FABRICE FARIGOULE CHRIS COUNIHAN JAMES KNIGHT VALERIE GASTALDY SOPHIE JOURDIER MARTIN EVANS CHRISTIAN FAITZ RAKESH PATEL VIRGINIE BOUCHER-FERTE PATRICK RAFAISZ BRUNO ESCHLI RONALD KOEHLER MASSIMO BONISOLI MARTIN ROEDIGER TIMOTHY STANISH THOMAS GILBERT MARCO GUENTHER ANDREAS HEINE PAUL RICHARD WALSH LAURENCE ALEXANDER PATRICK LAMBERT JACOB THRANE GEOFF HAIRE JOHN PHILIPP KLEIN TONY JONES MARTIN SCHREIBER

Source ULT-AGG ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG 13F MF-AGG MF-AGG

Recommendation underperform buy buy outperform neutral hold hold neutral outperform Buy/Neutral buy hold buy outperform hold buy hold sell buy equalweight Equalwt/In-Line hold buy hold neutral buy buy outperform

Amt Held 4'640'124 4'634'983 4'254'126 2'118'825 1'931'441 1'664'500 1'641'455 1'370'675 1'072'410 1'054'874 646'762 573'332 536'300 517'654 434'262 374'611 296'779 282'549 281'193 274'611

% Out 4.98 4.98 4.57 2.28 2.07 1.79 1.76 1.47 1.15 1.13 0.69 0.62 0.58 0.56 0.47 0.4 0.32 0.3 0.3 0.29

Weighting

Change 1 5 5 5 3 3 3 3 5 5 5 3 5 5 3 5 3 1 5 3 3 3 5 3 3 5 5 5

M M M M M D M M M M M M M M M M D M M M M M M M M M M U

Latest Chg 346'967 74'211 (305'702) (14'655) 88'036 13'702 (14'044) (6'267) (76'790) 100'622 172'658 (2'883) 103'930 (310'200) 70'471 17'865

Target Price 313 430 466 420 371 #N/A N/A 400 376 430 500 430 390 435 415 390 410 #N/A N/A 330 #N/A N/A 389 380 400 488 395 420 510 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.07.2013 31.08.2013 31.12.2012 30.06.2013 30.06.2013 31.07.2013 31.05.2013 31.07.2013 31.08.2013 31.07.2013 31.05.2013 31.12.2012 31.05.2013 30.08.2013 27.09.2013 31.07.2013 30.06.2013 30.06.2013 31.08.2013

Date 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided 15 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 19.09.2013 18.09.2013 13.09.2013 12.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 22.08.2013 19.08.2013 15.08.2013 14.08.2013 13.08.2013 05.08.2013 30.07.2013 29.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 12.07.2013 02.07.2013 01.07.2013 27.06.2013

30.09.2013

Linde AG Linde AG is a gases and engineering company. The Gases Division offers a wide range of industrial and medical gases mainly used in energy sector, steel production, chemical processing, as well as in food processing. The Engineering Division develops olefin plants, natural gas plants and air separation plants, as well as hydrogen and synthesis gas plants.

Price/Volume 160 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LIN GY EQUITY YTD Change LIN GY EQUITY YTD % CHANGE

12/2012 06/yy 154.80 125.00 166'040.00 145.45 -6.01% 16.36% 75.00% 185.2 26'941.03 10'204.00 0.0 564.0 2'041.00 36'788.03

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60 40 20 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 12'663.0 1.34x 2'468.0 6.86x 717.0 14.02x

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

140

31.12.2009 31.12.2010 11'211.0 12'868.0 1.86x 1.97x 2'320.0 2'847.0 8.97x 8.92x 591.0 1'005.0 23.98x 19.12x Profitability

LTM-4Q 31.12.2011 13'787.0 1.88x 3'101.0 8.37x 1'174.0 16.71x

31.12.2012 15'280.0 2.17x 3'443.0 9.63x 1'250.0 18.78x 3'443.00 1'905.00 12.47% 11.04% 4.13% 10.74% 0.51% 36.2% 23.2% 12.6% 8.2% 0.98 0.68 30.48% 77.93% 6.14 9.13

Price/ Cash Flow

LTM

06/yy 14'438.0 7.44x 3'299.0 8.66x 1'194.0 17.54x

06/yy 16'313.0 8.62x 3'785.0 9.64x 1'319.0 20.10x

FY+1

0.77 179.31 10.51% 12.18% 0.767 43 4.070 360'642 380'144 382'999 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'090.1 18'215.0 4'259.5 4'458.3 2.07x 1.91x 8.52x 8.07x 4'037.3 4'361.9 1'016.8 1'036.6 9.11x 8.43x 1'480.2 1'681.6 364.5 369.0 17.48x 15.52x S&P Issuer Ratings

25.05.2012 A STABLE 25.05.2012 A-1 8.63 4.15 2.39 2.87 77.9% 42.8% 0.51 1.57 59.44 39.99 94.31 -7.09

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Linde AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN NORGES BANK UBS AG CREDIT SUISSE AG SUN LIFE FINANCIAL I HARBOR CAPITAL ADVIS DEUTSCHE BANK AG FMR LLC ARTISAN PARTNERS HOL VANGUARD GROUP INC ALLIANZ ASSET MANAGE DEKABANK DEUTSCHE GI UNION INVESTMENT GMB BNP PARIBAS FIL LIMITED MORGAN STANLEY DODGE & COX MFS FINANCIAL SERVIC OPPENHEIMERFUNDS INC

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Firm Name

Analyst

Bankhaus Lampe Equinet Institutional Services(ESN) Deutsche Bank Sanford C. Bernstein & Co Canaccord Genuity Corp Baader Bank Exane BNP Paribas Hamburger Sparkasse AlphaValue Societe Generale Main First Bank AG Calamatta Cuschieri JPMorgan Macquarie Goldman Sachs Commerzbank Corporates & Markets Day by Day Landesbank Baden-Wuerttemberg Kepler Cheuvreux Jefferies DZ Bank AG Independent Research GmbH HSBC M.M. Warburg Investment Research Natixis Nomura SRH AlsterResearch Morgan Stanley Nord/LB Credit Suisse S&P Capital IQ Bankhaus Metzler Berenberg Bank Barclays EVA Dimensions UBS Liberum Capital Ltd Equita SIM SpA National Bank AG Alembic Global Advisors Redburn Partners

HEIKO FEBER NADESHDA DEMIDOVA TIMOTHY JONES JEREMY REDENIUS PAUL W SATCHELL NORBERT BARTH HEIDI VESTERINEN MARCO GUENTHER HANS-PETER WODNIOK PETER CLARK THOMAS SWOBODA TEAM COVERAGE MARCUS DIEBEL CHRISTIAN FAITZ RAKESH PATEL STEPHAN KIPPE VALERIE GASTALDY ULLE WORNER MARKUS MAYER LAURENCE ALEXANDER PETER SPENGLER CHRISTOPH SCHOENDUBE SEBASTIAN SATZ EGGERT KULS FREDERIC WILLIAMS-GOBEAUX JEAN DE WATTEVILLE CARSTEN MAINITZ PETER MACKEY THORSTEN STRAUSS CHRIS COUNIHAN JOHNSON IMODE LARS HETTCHE JOHN PHILIPP KLEIN GUNTHER ZECHMANN TIMOTHY STANISH THOMAS GILBERT ADAM COLLINS MASSIMO BONISOLI EKKEHARD D LINK HASSAN I AHMED TONY JONES

Source ULT-AGG ULT-AGG Research ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy accumulate buy outperform hold buy neutral buy add buy outperform overweight neutral outperform Buy/Neutral buy hold buy buy buy buy hold overweight buy neutral neutral buy Equalwt/In-Line buy underperform buy buy buy equalweight sell neutral buy buy hold neutral neutral

Amt Held 17'203'963 6'389'550 5'764'533 5'461'669 5'138'495 4'934'493 4'801'614 4'156'608 2'984'677 2'598'954 2'131'813 1'844'783 1'809'402 1'591'900 1'487'424 1'366'622 832'256 820'205 716'112 677'872

% Out 9.29 3.45 3.11 2.95 2.77 2.66 2.59 2.24 1.61 1.4 1.15 1 0.98 0.86 0.8 0.74 0.45 0.44 0.39 0.37

Weighting

Change 5 4 5 5 3 5 3 5 4 5 5 5 3 5 5 5 3 5 5 5 5 3 5 5 3 3 5 3 5 1 5 5 5 3 1 3 5 5 3 3 3

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 44'553 (201'215) 2'605 149'880 17'314 (232'450) 26'713 46'124 45 (58'441) 11'382 (2'989) (329'931) (248) (176) (1'834)

Target Price 168 160 160 185 141 164 143 #N/A N/A 168 165 170 176 177 165 187 174 #N/A N/A 165 163 164 169 152 166 170 147 155 180 155 170 140 160 156 175 150 #N/A N/A 144 156 160 140 120 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.07.2013 12.06.2013 31.08.2013 31.05.2013 31.07.2013 30.06.2013 31.07.2013 31.07.2013 31.03.2013 30.06.2013 31.08.2013 30.09.2013 28.03.2013 31.07.2013 30.04.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013

Date Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month 15 month 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Bank Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 24.09.2013 12.09.2013 11.09.2013 11.09.2013 06.09.2013 04.09.2013 04.09.2013 30.08.2013 28.08.2013 23.08.2013 20.08.2013 13.08.2013 06.08.2013 06.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 24.07.2013 23.07.2013 17.07.2013 06.06.2013 10.05.2013 23.04.2013 08.03.2013 07.03.2013 15.10.2012 08.10.2012

30.09.2013

Imperial Tobacco Group PLC Imperial Tobacco Group plc is an international tobacco company that manufactures, markets, and sells a range of cigarettes, tobaccos, rolling papers, and cigars.

Price/Volume 3000

7.0 M

2500

6.0 M 5.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (05.12.2012) 52-Week Low (28.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMT LN EQUITY YTD Change IMT LN EQUITY YTD % CHANGE

09/2012 01/yy 2'545.00 2'106.00 407'880.00 2276 -10.57% 8.07% 41.91% 969.3 22'060.23 9'587.00 0.0 49.0 631.00 33'168.23

30.09.2008 10'116.0 2.96x 1'958.0 15.29x 428.0 35.54x

3.0 M

1000

2.0 M

500 0 o-12

1.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

1500

Valuation Analysis

30.09.2009 30.09.2010 14'748.0 15'018.0 2.00x 1.93x 3'158.0 3'307.0 9.34x 8.75x 663.0 1'505.0 27.61x 12.78x Profitability

30.09.2011 15'186.0 2.05x 3'260.0 9.53x 1'796.0 12.26x

30.09.2012 14'672.0 2.16x 3'322.0 9.54x 678.0 33.65x

3'322.00 2'747.00 18.72% 7.37% 1.58% 7.10% 8.51% 0.48% 37.4% 22.2% 18.2% 4.6% 0.78 0.38 34.69% 158.86% 4.47 2.33

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.79 0.66 968.59 4.04% 0.49% 0.657 25 3.680 1'303'163 1'928'708 2'064'477 FY+2

09/13 Y 09/14 Y 7'842.3 8'029.5 3.94x 3.82x 3'377.2 3'491.9 9.82x 9.50x 2'043.4 2'138.5 10.87x 10.23x S&P Issuer Ratings

FQ+1

FQ+2

20.05.2008 BBB STABLE 20.05.2008 A-2 2.26 2.05 3.46 3.67 158.9% 61.2% 0.48 6.69 81.71 156.32 149.45

Sales/Revenue/Turnover

30.00

16'000.0 14'000.0

25.00

12'000.0 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0 5.00 0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Imperial Tobacco Group PLC Holdings By:

All

Holder Name MORGAN STANLEY INVESCO LTD BLACKROCK PERPETUAL INVESTMENT LEGAL & GENERAL FRANKLIN RESOURCES VANGUARD GROUP INC SCOTTISH WIDOWS FIL LIMITED CAPITAL GROUP COMPAN UBS AG STATE STREET CORP ALLIANZ ASSET MANAGE CEDAR ROCK CAPITAL L THREADNEEDLE PRUDENTIAL PLC AXA CREDIT SUISSE AG DWS INVESTMENTS STANDARD LIFE INVEST

Firm Name Oriel Securities Ltd AlphaValue Exane BNP Paribas Canaccord Genuity Corp Jefferies Redburn Partners Berenberg Bank Credit Suisse UBS Renaissance Capital Natixis Morgan Stanley JPMorgan Independent Research GmbH Nomura S&P Capital IQ Panmure Gordon & Co Limited Day by Day Goldman Sachs EVA Dimensions Investec Barclays Deutsche Bank

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst CHRIS WICKHAM ISABELLE COMBEMALE JAMES BUSHNELL EDDY HARGREAVES DIRK VAN VLAANDEREN CHRISTIAN DE ROUALLE ERIK BLOOMQUIST ROGERIO FUJIMORI JONATHAN LEINSTER REY WIUM NICOLAS LANGLET MATTHEW GRAINGER RAE MAILE LARS LUSEBRINK DAVID HAYES CARL SHORT DAMIAN MCNEELA VALERIE GASTALDY FULVIO CAZZOL CRAIG STERLING MARTIN DEBOO SIMON HALES HAROLD THOMPSON

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG REG

Recommendation buy buy underperform hold hold neutral hold outperform buy buy neutral Overwt/Attractive neutral buy reduce sell buy hold neutral/attractive overweight buy equalweight buy

Amt Held 61'764'487 61'000'000 53'000'000 50'298'923 41'375'945 41'000'000 29'551'075 27'960'852 21'512'767 20'782'201 19'287'717 18'925'084 18'144'726 17'669'281 17'459'462 15'291'266 12'644'818 12'397'351 10'592'294 10'288'350

% Out 6.37 6.29 5.47 5.19 4.27 4.23 3.05 2.88 2.22 2.14 1.99 1.95 1.87 1.82 1.8 1.58 1.3 1.28 1.09 1.06

Weighting

Change 5 5 1 3 3 3 3 5 5 5 3 5 3 5 2 1 5 3 3 5 5 3 5

M M M M M M M M M M M M M M M D M M M U U M M

Latest Chg (357'175) 1'648'729 766'943 826'272 (2'196'131) 368'846 7'109'224 82'331 598'711 2'976'907 137'270 (2'740'661) 1'948'715 (786'031) 264'634 2'015'813 (3'239'512)

Target Price 2'900 2'991 2'350 2'450 2'500 #N/A N/A 2'500 2'700 2'500 2'450 2'350 2'680 3'067 2'650 2'150 2'040 2'650 #N/A N/A 2'465 #N/A N/A 2'440 2'600 3'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 30.10.2012 26.09.2013 30.08.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 03.06.2013 31.07.2013 30.06.2013 27.09.2013 31.08.2013 03.06.2013 31.07.2013 30.06.2013 30.06.2013 03.06.2013 03.06.2013 03.06.2013

Date Not Provided 6 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 3 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 26.09.2013 25.09.2013 23.09.2013 19.09.2013 19.09.2013 06.09.2013 02.09.2013 30.08.2013 28.08.2013 19.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 12.08.2013 11.08.2013 08.08.2013 07.08.2013 11.07.2013 21.06.2013

30.09.2013

Societe Generale SA Societe Generale attracts deposits and offers commercial, retail, investment, and private banking services. The Bank offers consumer credit, vehicle lease financing, information technology equipment leasing, life and non-life insurance, custodian services, trade and project financing, currency exchange, treasury services, and financial and commodities futures brokerage services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLE FP EQUITY YTD Change GLE FP EQUITY YTD % CHANGE

12/2012 06/yy 38.94 22.02 1'871'487.00 36.545 -6.14% 66.00% 89.51% 798.7 29'186.89 740'837.00 5'270.0 4'288.0 110'225.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

18.0 M

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 57'829.0 2'010.0 10.65x

31.12.2009 31.12.2010 43'984.0 45'295.0 678.0 3'917.0 108.78x 8.11x Profitability

LTM-4Q 31.12.2011 48'549.0 2'385.0 5.38x

31.12.2012 44'240.0 774.0 44.28x 10.67% 6.01% 0.07% 2.10% 0.18% 3.0% 59.23% 1663.34% -

LTM

06/yy 6'504.0 0.00x 0.0 0.00x 1'893.0 7.39x

06/yy 21'337.0 0.00x 0.0 0.00x 928.0 22.33x

FY+1

1.82 710.68 67.76% 30.82% 1.818 34 3.618 3'890'879 4'732'854 5'138'507 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 23'091.5 24'532.9 5'863.7 5'919.5 2'652.4 3'391.2 706.5 631.0 10.78x 8.46x S&P Issuer Ratings

23.01.2012 A NEG 07.05.2009 A-1 1663.3% 93.2% -

Sales/Revenue/Turnover

70'000.0 60'000.0 50'000.0

0.80

40'000.0 0.60

30'000.0

0.40

20'000.0 10'000.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Societe Generale SA Holdings By:

All

Holder Name SOC GEN ESOP CAPITAL GROUP COMPAN LYXOR INTERNATIONAL BLACKROCK CAISSE DES DEPOTS ET NORGES BANK MEIJI YASUDA LIFE IN SOCIETE GENERALE VANGUARD GROUP INC FRANKLIN RESOURCES CNP ASSURANCES NATIXIS ASSET MANAGE AVIVA PLC LBPAM JANUS CAPITAL MANAGE AMUNDI DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE AMUNDI JP MORGAN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst

Natixis ALEX KOAGNE Exane BNP Paribas GUILLAUME TIBERGHIEN AlphaValue CHRISTOPHE NIJDAM Kepler Cheuvreux CYRIL MEILLAND Nomura JON PEACE Macquarie PIERS BROWN Morgan Stanley SARA MINELLI Day by Day VALERIE GASTALDY Independent Research GmbH STEFAN BONGARDT Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT JPMorgan DELPHINE LEE Mediobanca SpA ANTONIO GUGLIELMI Oddo & Cie JEAN SASSUS Jefferies OMAR FALL Credit Suisse MAXENCE LE GOUVELLO Berenberg Bank JAMES CHAPPELL Hamburger Sparkasse CHRISTIAN HAMANN Barclays KIRI VIJAYARAJAH HSBC ROBIN DOWN Grupo Santander AURELIA FAURE RBC Capital Markets ANKE REINGEN UBS NICK DAVEY Main First Bank AG FEDERICO SALERNO Deutsche Bank FLORA BENHAKOUN Landesbank Baden-Wuerttemberg INGO FROMMEN CM - CIC Securities(ESN) PIERRE CHEDEVILLE S&P Capital IQ WILLIAM HOWLETT Redburn Partners GEORGE KARAMANOS EVA Dimensions DOUG WALTERS Goldman Sachs JEAN-FRANCOIS NEUEZ Espirito Santo Investment Bank Research ANDREW LIM Nord/LB MICHAEL SEUFERT Banco Sabadell MARIO LODOS Hammer Partners SA ENRICO RACIOPPI

Source Co File ULT-AGG Research ULT-AGG Co File MF-AGG Co File Co File ULT-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy outperform add reduce buy underperform Equalwt/In-Line hold buy outperform overweight neutral neutral hold outperform sell hold equalweight overweight buy sector perform sell underperform buy hold accumulate strong buy buy underweight Buy/Neutral buy hold buy buy

Amt Held 59'344'358 56'413'062 50'619'422 37'169'504 19'567'063 18'243'614 11'069'312 8'987'016 8'810'347 7'992'124 7'769'307 4'962'976 4'503'593 3'653'017 3'557'663 3'218'652 3'024'552 2'548'988 2'543'288 2'314'417

% Out 7.43 7.06 6.34 4.65 2.45 2.28 1.39 1.13 1.1 1 0.97 0.62 0.56 0.46 0.45 0.4 0.38 0.32 0.32 0.29

Weighting

Change 5 5 4 2 5 1 3 3 5 5 5 3 3 3 5 1 3 3 5 5 3 1 1 5 3 4 5 5 1 5 5 3 5 5

M M M D M M M M M M M M M N M M M M M M M M D U M M U M M U U M M M

Latest Chg 150'827 5'707'917 272'059 (131'323) (4'353) (467'389) (186'101) 52'858 (139'257) (62'660) 203'503

Target Price 46 38 40 41 45 32 44 #N/A N/A 43 50 39 36 34 38 43 16 #N/A N/A 38 45 38 37 26 34 40 34 37 40 #N/A N/A #N/A N/A 42 40 #N/A N/A 32 36

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.06.2013 26.09.2011 26.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.05.2013 30.08.2013 28.03.2013 30.06.2013 30.08.2013 31.07.2013 31.07.2013 30.04.2013 31.07.2013

Date Not Provided Not Provided 6 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 15 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Government Government Insurance Company Bank Unclassified Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 26.09.2013 24.09.2013 23.09.2013 18.09.2013 16.09.2013 16.09.2013 13.09.2013 12.09.2013 11.09.2013 09.09.2013 06.09.2013 03.09.2013 02.09.2013 02.09.2013 28.08.2013 14.08.2013 13.08.2013 06.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 16.07.2013 06.06.2013 03.06.2013 13.05.2013 23.10.2012 30.07.2012 19.06.2012

30.09.2013

European Aeronautic Defence and Space Co NV European Aeronautic Defence and Space Company manufactures airplanes and military equipment. The Company produces commercial aircraft including the Airbus, military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, and offers military and commercial aircraft conversion and maintenance services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (23.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EAD FP EQUITY YTD Change EAD FP EQUITY YTD % CHANGE

12/2012 06/yy 47.74 24.26 806'142.00 46.725 -2.11% 92.64% 98.79% 787.8 36'809.65 4'779.00 0.0 25.0 11'084.00 35'402.65

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 43'265.0 0.09x 4'136.0 0.89x 1'572.0 6.17x

50 45 40 35 30 25 20 15 10 5 0 o-12

31.12.2009 31.12.2010 42'822.0 45'752.0 0.13x 0.17x 1'236.0 2'500.0 4.62x 3.02x (763.0) 553.0 25.65x Profitability

LTM-4Q 31.12.2011 49'128.0 0.31x 3'172.0 4.81x 1'033.0 19.02x

31.12.2012 56'480.0 0.32x 3'927.0 4.58x 1'228.0 19.67x 3'927.00 1'890.00 3.35% 2.97% 1.53% 17.52% 12.66% 0.64% 14.0% 7.5% 4.0% 2.2% 0.93 0.37 5.19% 45.91% 9.08 1.90

Price/ Cash Flow

LTM

06/yy 52'126.0 1.33x 3'881.0 5.08x 1'503.0 15.26x

06/yy 57'878.0 1.68x 4'361.0 7.33x 1'393.0 24.08x

FY+1

0.75 454.48 92.00% 60.53% 0.750 29 4.414 2'071'270 2'033'042 2'164'843 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 58'608.1 62'394.3 13'318.7 17'854.3 0.56x 0.53x 2.40x 1.54x 5'531.4 6'531.0 1'288.5 1'835.0 6.40x 5.42x 2'082.3 2'691.3 454.0 761.0 17.39x 12.84x 18.88x 19.72x S&P Issuer Ratings

06.09.2013 A STABLE 02.10.2012 A-1 7.52 1.26 -0.33 1.54 45.9% 31.4% 0.64 3.87 40.20 192.40 65.53 142.58

Sales/Revenue/Turnover

50.00

60'000.0

45.00

50'000.0

40.00 35.00

40'000.0

30.00

30'000.0

25.00 20.00

20'000.0

15.00 10.00

10'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

European Aeronautic Defence and Space Co NV Holdings By:

All

Holder Name FRENCH STATE FEDERAL REPUBLIC OF EUROPEAN AERONAUTIC CAPITAL GROUP COMPAN SOCIEDAD ESTATAL DE BLACKROCK VNESHECONOMBANK CAISSE DES DEPOTS ET AMUNDI SA VANGUARD GROUP INC VIKING GLOBAL INVEST STATE STREET CORP OLD MUTUAL OPPENHEIMERFUNDS INC ONTARIO TEACHERS PEN INVESCO LTD NATIXIS ASSET MANAGE UBS AG JP MORGAN AMUNDI

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

RBC Capital Markets ROBERT STALLARD Exane BNP Paribas OLIVIER BROCHET Bankhaus Lampe SEBASTIAN HEIN Oddo & Cie YAN DEROCLES AlphaValue THOMAS PICHERIT UBS CHARLES ARMITAGE Sanford C. Bernstein & Co DOUGLAS S HARNED Kepler Cheuvreux CHRISTOPHE MENARD Cantor Fitzgerald ANDREW CHAMBERS Investec ANDREW GOLLAN Jefferies SANDY MORRIS Espirito Santo Investment Bank Research EDWARD STACEY Day by Day VALERIE GASTALDY Deutsche Bank BEN FIDLER Hamburger Sparkasse INGO SCHMIDT Morgan Stanley RUPINDER VIG Nord/LB WOLFGANG DONIE Societe Generale ZAFAR KHAN Commerzbank Corporates & Markets STEPHAN BOEHM CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX DZ Bank AG MARKUS TURNWALD JPMorgan DAVID H PERRY Landesbank Baden-Wuerttemberg STEFAN MAICHL Independent Research GmbH ZAFER RUZGAR S&P Capital IQ UNAI FRANCO EVA Dimensions TIMOTHY STANISH Barclays CARTER COPELAND Gabelli & Co JAMES FOUNG

Source Research Research Research ULT-AGG Research ULT-AGG Research RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 ULT-AGG ULT-AGG RNS-RUL8 Research ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation outperform outperform buy buy buy buy market perform buy buy buy buy sell sell buy sell Overwt/In-Line buy buy buy reduce buy overweight buy buy strong buy overweight overweight hold

Amt Held 112'072'054 83'837'750 49'001'830 39'788'818 34'687'784 34'457'610 22'614'753 15'584'382 15'385'347 12'117'860 11'930'093 9'567'342 9'409'523 9'211'702 6'100'000 3'879'592 3'008'625 2'952'843 2'820'052 2'666'169

% Out 14.23 10.64 6.22 5.05 4.4 4.37 2.87 1.98 1.95 1.54 1.51 1.21 1.19 1.17 0.77 0.49 0.38 0.37 0.36 0.34

Weighting

Change 5 5 5 5 5 5 3 5 5 5 5 1 1 5 1 5 5 5 5 2 5 5 5 5 5 5 5 3

M M M M M M M M M M M M D M M M U M M M M M M M M M M M

Latest Chg (12'977'088) 61'112'568 1'188'304 (53'355) (459'400) (2'721) 3'341 (1'079'438) 30'763 (18'074) (9'990) (79'222) 27'046 264'039 13'499

Target Price 52 64 53 50 60 55 46 57 55 50 45 31 36 55 #N/A N/A 54 53 53 53 34 51 67 50 52 53 #N/A N/A 49 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 16.04.2013 Government 02.04.2013 Government 17.04.2013 Corporation 25.07.2013 Investment Advisor 04.04.2013 Government 26.09.2013 Investment Advisor 26.07.2013 Government 25.09.2012 Government 10.10.2012 Other 09.10.2012 Unclassified 10.10.2012 Hedge Fund Manager 27.09.2013 Investment Advisor 31.08.2013 Unclassified 05.10.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 13.09.2012 Investment Advisor 31.05.2013 Investment Advisor 27.09.2013 Unclassified 23.08.2013 Investment Advisor 30.04.2013 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 3 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided 15 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 20.09.2013 19.09.2013 18.09.2013 11.09.2013 02.09.2013 20.08.2013 19.08.2013 12.08.2013 06.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 06.06.2013 15.05.2013 10.10.2011

30.09.2013

Nordea Bank AB Nordea Bank AB is a financial services group that provides banking services, financial solutions, and related advisory services. The Group attracts deposits and offers credit, investment banking, securities trading, and insurance products to private individuals, companies, institutions, and the public sector. Nordea services the Scandinavian countries and the Baltic Sea region.

Price/Volume

120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.08.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NDA SS EQUITY YTD Change NDA SS EQUITY YTD % CHANGE

12/2012 06/yy 85.00 57.50 4'740'274.00 77.2 -9.24% 34.26% 75.09% 4'050.0 312'656.28 247'563.00 0.0 5.0 46'488.00 -

80.0 M

60.0 M

40.0 M

20.0 M

10 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

140.0 M

80 70

Valuation Analysis

31.12.2008 20'485.0 2'671.0 4.84x

31.12.2009 31.12.2010 15'492.0 14'595.0 2'314.0 2'657.0 11.79x 12.35x Profitability

LTM-4Q 31.12.2011 16'685.0 2'627.0 9.15x

31.12.2012 17'457.0 3'119.0 9.30x 36.77% 37.62% 0.46% 11.44% 1.13% 0.03% 28.5% 36.54% 877.54% -

Price/ Cash Flow

LTM

06/yy 17'228.0 0.00x 0.0 0.00x 2'782.0 9.86x

06/yy 16'723.0 0.00x 0.0 0.00x 3'092.0 11.06x

FY+1

1.19 23.37% 29.03% 1.185 32 4.219 21'262'110 10'257'260 8'033'791 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'118.8 10'568.5 2'521.1 2'601.8 -64.44x -62.92x 3'229.9 3'611.6 821.0 855.1 11.15x 9.93x 10.77x 10.41x S&P Issuer Ratings

29.11.2005 AANEG 29.11.2005 A-1+ 877.5% 89.8% 0.03 38.36 -

Sales/Revenue/Turnover

45.00

25'000.0

40.00

20'000.0

35.00 30.00

15'000.0

25.00 20.00

10'000.0

15.00

5'000.0

10.00 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Nordea Bank AB Holdings By:

All

Holder Name SAMPO OYJ NORDEA FONDER AB/SWE SWEDBANK ROBUR FONDE AMF PENSION NORWEGIAN PETROLEUM NORGES BANK SHB FUNDS SEB ALECTA PENSIONSFORSA BLACKROCK FJARDE AP-FONDEN HANDELSBANKEN FONDER AFA INSURANCE AMF FONDER AB VANGUARD GROUP INC VARMA MUTUAL PENSION FOLKSAM LO FOND AB NORDEA FUNDS FORSTA AP FONDEN SKANDIA LIV

Firm Name Exane BNP Paribas Kepler Cheuvreux Nomura AlphaValue Keefe, Bruyette & Woods HSBC SEB Enskilda Morgan Stanley UBS JPMorgan Handelsbanken Berenberg Bank Pareto Securities Barclays Societe Generale Macquarie Alm Brand Markets ABG Sundal Collier Carnegie DNB Markets S&P Capital IQ SpareBank 1 Markets AS Arctic Securities ASA Danske Markets Swedbank First Securities NYKREDIT RBC Capital Markets Makor Capital Goldman Sachs EVA Dimensions Jyske Bank Mediobanca SpA Evli Bank Plc Nordea Equity Research

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a

Analyst ANDREAS HAKANSSON MATS ANDERSON OMAR KEENAN CHRISTOPHE NIJDAM RONNY REHN CARLO DIGRANDI MASIH YAZDI ALVARO SERRANO NICK DAVEY SOFIE PETERZENS MATTI AHOKAS NICK ANDERSON JON DAVID GJERTSEN CHRISTOFFER ROSQUIST GEOFF DAWES EDWARD FIRTH JESPER CHRISTENSEN MAGNUS ANDERSSON TOBIAS KAJ HAKON FURE FRANK BRADEN NILS CHRISTIAN OYEN FRIDTJOF BERENTS PER GRONBORG BENGT KIRKOEN RICKY S RASMUSSEN CLAIRE KANE ALBERT SAPORTA PAWEL DZIEDZIC DOUG WALTERS CHRISTIAN HEDE RICCARDO ROVERE KIMMO RAMA MATHS LILJEDAHL

Source Research Research Research Research Research MF-AGG Research ULT-AGG Research ULT-AGG Research MF-AGG Research MF-AGG ULT-AGG Research MF-AGG Research Research Research

Recommendation neutral buy buy reduce outperform overweight buy Equalwt/In-Line buy overweight buy buy buy overweight buy neutral neutral buy buy buy buy buy buy hold buy neutral outperform sell neutral/neutral overweight strong buy underperform buy not rated

Amt Held 866'689'708 157'948'124 133'648'413 85'048'990 76'949'086 67'034'599 64'799'230 52'650'036 52'649'375 49'921'484 44'549'471 40'705'230 36'449'567 35'493'330 33'770'583 32'399'615 31'042'864 28'349'663 28'349'663 28'349'663

% Out 21.4 3.9 3.3 2.1 1.9 1.66 1.6 1.3 1.3 1.23 1.1 1.01 0.9 0.88 0.83 0.8 0.77 0.7 0.7 0.7

Weighting

Change

3 5 5 2 5 5 5 3 5 5 5 5 5 5 5 3 3 5 5 5 5 5 5 3 5 3 5 1 3 5 5 1 5 #N/A N/A

M M M M U U M M M M M M M M M M M M M M M M M M M M M N D M M M U M

Latest Chg 167'204 26'227'297 (767'524) 6'994'000 4'211'756 894'343 -

Target Price 77 90 86 78 86 88 88 87 94 97 96 85 94 93 88 84 83 90 #N/A N/A 85 82 85 85 82 90 #N/A N/A 78 #N/A N/A 90 #N/A N/A 98 73 86 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.12.2012 31.05.2013 31.05.2013 31.05.2013 26.09.2013 31.05.2013 30.08.2013 31.05.2013 31.03.2013 30.06.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided Not Provided 12 month 6 month 12 month Not Provided Not Provided 12 month 12 month 18 month 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Insurance Company Investment Advisor Investment Advisor Pension Fund (ERISA) n/a Government n/a Unclassified Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Investment Advisor Insurance Company Investment Advisor Unclassified Insurance Company Investment Advisor n/a Investment Advisor Pension Fund (ERISA)

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 23.09.2013 16.09.2013 11.09.2013 11.09.2013 09.09.2013 05.09.2013 26.08.2013 05.08.2013 22.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 15.07.2013 09.07.2013 04.07.2013 09.06.2013 06.06.2013 13.05.2013 25.03.2013 29.05.2012 16.04.2012

30.09.2013

Bayerische Motoren Werke AG Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and motorcycles worldwide. The Company produces everything from convertible sports cars to luxury sedans to touring motorcycles with large displacement engines.

Price/Volume 90

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMW GY EQUITY YTD Change BMW GY EQUITY YTD % CHANGE

12/2012 06/yy 82.44 56.51 465'164.00 79.02 -4.14% 39.83% 90.98% 602.0 50'688.43 69'507.00 0.0 107.0 12'982.00 108'164.43

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20 10 0 o-12

31.12.2009 31.12.2010 50'681.0 60'477.0 1.40x 1.49x 9'311.0 12'905.0 7.59x 6.99x 204.0 3'227.0 102.58x 11.94x Profitability

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 68'821.0 1.31x 15'447.0 5.86x 4'881.0 6.95x

31.12.2012 76'848.0 1.36x 16'253.0 6.43x 5'096.0 9.39x 16'253.00 8'298.00 10.80% 10.17% 3.97% 17.36% 5.69% 0.59% 20.2% 21.0% 10.5% 6.6% 1.04 0.32 52.72% 229.43% 34.80 5.77

Price/ Cash Flow

LTM

06/yy 72'391.0 5.07x 16'348.0 5.77x 4'596.0 8.11x

06/yy 76'451.0 5.27x 16'032.0 6.34x 5'173.0 8.54x

FY+1

1.19 320.86 43.68% 12.12% 1.190 42 4.048 1'113'339 1'435'057 1'442'081 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 78'457.7 82'569.3 20'993.0 22'876.7 0.49x 0.45x 12'747.0 13'184.4 8.49x 8.20x 5'237.0 5'362.6 1'396.0 1'530.5 10.01x 9.70x S&P Issuer Ratings

16.04.2012 A STABLE 16.04.2012 A-1 17.80 12.07 3.58 4.37 229.4% 69.6% 0.59 2.06 10.49 63.30 38.04 36.53

Sales/Revenue/Turnover

20.00

90'000.0

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 53'197.0 1.19x 4'468.0 14.18x 324.0 44.10x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Bayerische Motoren Werke AG Holdings By:

All

Holder Name QUANDT STEFAN QUANDT JOHANNA KLATTEN SUSANNE BLACKROCK NORGES BANK CAPITAL GROUP COMPAN DODGE & COX HARRIS ASSOCIATES LP DB PLATINUM ADVISORS VANGUARD GROUP INC WILLIAM BLAIR & COMP WADDELL & REED FINAN DEKABANK DEUTSCHE GI BESTINVER GESTION SG FIL LIMITED UNION INVESTMENT GMB FMR LLC DEUTSCHE BANK AG SEB UBS AG

Firm Name Sanford C. Bernstein & Co Oddo & Cie AlphaValue Barclays National Bank AG Day by Day Commerzbank Corporates & Markets Natixis Independent Research GmbH Calamatta Cuschieri JPMorgan Exane BNP Paribas Nomura ISI Group DZ Bank AG Macquarie Baader Bank Hamburger Sparkasse Goldman Sachs Nord/LB Societe Generale Kepler Cheuvreux Deutsche Bank Morgan Stanley Landesbank Baden-Wuerttemberg Bankhaus Lampe M.M. Warburg Investment Research Bankhaus Metzler Equinet Institutional Services(ESN) S&P Capital IQ HSBC Main First Bank AG Redburn Partners Dr. Kalliwoda Equity Research Creative Global Investments Steubing AG EVA Dimensions Bank of Valletta UBS Cyrrus

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a

Analyst MAX WARBURTON FRANCOIS MAURY HANS-PETER WODNIOK KRISTINA CHURCH EKKEHARD D LINK VALERIE GASTALDY DANIEL SCHWARZ GEORGES DIENG ZAFER RUZGAR TEAM COVERAGE JOSE ASUMENDI RABIH FREIHA HARALD C HENDRIKSE ARNDT ELLINGHORST MICHAEL PUNZET CHRISTIAN BREITSPRECHER KLAUS BREITENBACH TINA HECKING-VELTMAN STEFAN BURGSTALLER FRANK SCHWOPE PHILIPPE BARRIER MICHAEL RAAB JOCHEN GEHRKE LAURA LEMBKE FRANK BILLER CHRISTIAN LUDWIG MARC-RENE TONN JUERGEN PIEPER TIM SCHULDT RODERICK BRIDGE HORST SCHNEIDER LOTHAR LUBINETZKI CHARLES WINSTON NORBERT KALLIWODA CARLO R BESENIUS TOBIAS SCHMIDT CRAIG STERLING TEAM COVERAGE PHILIPPE HOUCHOIS JIRI SIMARA

Source Co File Co File Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG 13F ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation outperform reduce add overweight buy buy add neutral buy overweight neutral neutral buy strong buy buy neutral buy buy neutral/attractive sell buy buy hold Equalwt/In-Line hold buy buy sell buy buy neutral outperform buy buy buy buy hold neutral neutral accumulate

Amt Held 104'747'161 100'533'195 75'851'392 36'931'505 14'432'872 13'010'155 7'619'900 4'993'700 4'734'485 4'200'666 4'045'326 3'907'100 3'861'226 3'773'414 3'729'907 2'176'598 2'136'927 2'026'648 1'380'299 1'309'460

% Out 17.4 16.7 12.6 6.13 2.4 2.16 1.27 0.83 0.79 0.7 0.67 0.65 0.64 0.63 0.62 0.36 0.35 0.34 0.23 0.22

Weighting

Change 5 2 4 5 5 5 4 3 5 5 3 3 5 5 5 3 5 5 3 1 5 5 3 3 3 5 5 1 5 5 3 5 5 5 5 5 3 3 3 4

M M M M M M M M M M M M N N M M M M M M M M M M M M M D M D M M M N M M U M D M

Latest Chg (6'324) (1'906'900) 891'400 4'993'700 4'660'332 38'312 541'749 (4'537'600) (480'416) 45'105 38'206 (311'830) 5'949 (2'253) 123'139 (9'856)

Target Price 90 63 92 92 85 84 87 77 90 94 78 76 85 90 80 80 80 #N/A N/A 85 64 83 88 68 79 72 80 84 68 88 80 79 100 #N/A N/A 82 87 83 #N/A N/A 71 73 66

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 26.09.2013 31.12.2012 31.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.09.2013 31.07.2013 30.04.2013 31.07.2013 31.07.2013 31.07.2013 30.04.2013 27.09.2013

Date 12 month Not Provided 6 month Not Provided Not Provided 3 month 6 month Not Provided 12 month 12 month 15 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type n/a n/a n/a Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified

Date 27.09.2013 26.09.2013 26.09.2013 23.09.2013 20.09.2013 19.09.2013 17.09.2013 13.09.2013 11.09.2013 10.09.2013 06.09.2013 06.09.2013 05.09.2013 02.09.2013 27.08.2013 22.08.2013 08.08.2013 08.08.2013 07.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 29.07.2013 23.07.2013 14.06.2013 13.06.2013 30.04.2013 09.04.2013 21.03.2013 20.03.2013 18.02.2013 29.10.2012

30.09.2013

Volkswagen AG Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks, and commercial vehicles for sale worldwide. The Company produces the Passat, Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi, Seat and Skoda, which manufacture and sell cars in Spain and in southern and eastern Europe, and Lamborghini, which makes sports cars in Italy. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (18.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOW3 GY EQUITY YTD Change VOW3 GY EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 187.40 136.60 431'638.00 172.55 -7.95% 26.32% 74.70% 170.1 78'691.30 117'663.00 0.0 4'310.0 25'921.00 173'284.31

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 113'808.0 1.22x 14'854.0 9.34x 4'753.0 20.97x

200 180 160 140 120 100 80 60 40 20 0 o-12

31.12.2009 31.12.2010 105'187.0 126'875.0 0.97x 0.83x 10'896.0 16'659.0 9.35x 6.29x 960.0 6'835.0 32.35x 6.98x Profitability

LTM-4Q 31.12.2011 159'337.0 0.77x 21'365.0 5.76x 15'409.0 3.13x

31.12.2012 192'676.0 0.90x 24'424.0 7.10x 21'717.0 3.51x 24'424.00 11'310.00 5.87% 13.23% 5.99% 24.78% 0.66% 18.2% 12.7% 5.4% 11.3% 1.03 0.33 38.00% 151.79% 5.32 5.35

Price/ Cash Flow

LTM

FY+1

1.19 170.15 24.48% 2.64% 1.188 38 4.342 704'079 999'259 938'980 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 176'948.0 195'985.0 200'490.6 210'458.3 49'458.8 50'520.0 2.83x 3.35x 0.38x 0.35x 23'081.0 24'812.0 23'721.3 26'502.5 5.98x 6.62x 7.31x 6.54x 17'936.0 17'801.0 10'114.9 11'672.1 3.06x 3.97x 8.17x 7.06x S&P Issuer Ratings Long-Term Rating Date 31.08.2009 Long-Term Rating ALong-Term Outlook POS Short-Term Rating Date 15.06.2004 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 17.46 (EBITDA-Capex)/Interest Exp. 9.96 Net Debt/EBITDA 3.72 Total Debt/EBITDA 4.89 Reference Total Debt/Equity 151.8% Total Debt/Capital 59.0% Asset Turnover 0.66 Net Fixed Asset Turnover 3.51 Accounts receivable turnover-days 68.67 Inventory Days 68.22 Accounts Payable Turnover Day 40.43 Cash Conversion Cycle 46.11 Sales/Revenue/Turnover

14.00

250'000.0

12.00

200'000.0

10.00

150'000.0

8.00 6.00

100'000.0

4.00

50'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Volkswagen AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN FMR LLC VANGUARD GROUP INC CARMIGNAC GESTION AMUNDI FIL LIMITED DEUTSCHE BANK AG BG MASTER FUND PLC ALLIANZ ASSET MANAGE UNION INVESTMENT GMB JP MORGAN UBS AG ADIG INVESTMENT T ROWE PRICE ASSOCIA INVESCO LTD DEKABANK DEUTSCHE GI FRANKFURT TRUST INVE MERCURY ASSET MANAGE ALLIANCE BERNSTEIN

Firm Name Sanford C. Bernstein & Co Oddo & Cie AlphaValue JPMorgan M.M. Warburg Investment Research Bankhaus Lampe Barclays Berenberg Bank Natixis Commerzbank Corporates & Markets Deutsche Bank Independent Research GmbH Equinet Institutional Services(ESN) Nomura Main First Bank AG Exane BNP Paribas Bankhaus Metzler Redburn Partners ISI Group Hamburger Sparkasse Day by Day Morgan Stanley Goldman Sachs Baader Bank Societe Generale Macquarie Landesbank Baden-Wuerttemberg Kepler Cheuvreux Nord/LB S&P Capital IQ EVA Dimensions HSBC Steubing AG UBS Cyrrus Hammer Partners SA

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst MAX WARBURTON FRANCOIS MAURY HANS-PETER WODNIOK JOSE ASUMENDI MARC-RENE TONN CHRISTIAN LUDWIG MICHAEL TYNDALL ADAM HULL GEORGES DIENG DANIEL SCHWARZ JOCHEN GEHRKE ZAFER RUZGAR TIM SCHULDT HARALD C HENDRIKSE LOTHAR LUBINETZKI RABIH FREIHA JUERGEN PIEPER CHARLES WINSTON ARNDT ELLINGHORST TINA HECKING-VELTMAN VALERIE GASTALDY LAURA LEMBKE STEFAN BURGSTALLER KLAUS BREITENBACH STEPHEN REITMAN CHRISTIAN BREITSPRECHER FRANK BILLER MICHAEL RAAB FRANK SCHWOPE RODERICK BRIDGE CRAIG STERLING HORST SCHNEIDER TOBIAS SCHMIDT PHILIPPE HOUCHOIS JIRI SIMARA ALBERTO ROLLA

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG Short ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation market perform neutral reduce overweight buy buy overweight buy buy buy buy buy buy neutral outperform outperform sell neutral neutral hold hold Overwt/In-Line buy/attractive buy buy outperform buy buy buy buy hold overweight buy neutral buy buy

Amt Held % Out 7'477'269 4.39 5'156'855 3.03 3'574'181 2.1 2'350'802 1.38 1'684'876 0.99 1'676'441 0.99 1'427'041 0.84 1'381'412 0.81 (1'173'985) -0.69 1'072'054 0.63 996'683 0.59 907'527 0.53 878'532 0.52 784'624 0.46 708'483 0.42 637'766 0.37 619'552 0.36 455'360 0.27 415'306 0.24 373'977 0.22

Weighting

Change 3 3 2 5 5 5 5 5 5 5 5 5 5 3 5 5 1 3 3 3 3 5 5 5 5 5 5 5 5 5 3 5 5 3 5 5

M M U M M M M M M M M M M M M M M M N M M M M M M M M M M M D M M M M M

Latest Chg (83'555) (1'075'152) 85'097 728'811 (308'807) 606'771 39'628 (116'634) 17'015 (202'718) (190'153) (71'295) (12'126) (12'000) 271'648 (200'672) 25'873 20'000 936 (83'819)

Target Price 170 170 162 214 217 215 192 240 208 205 240 210 185 170 220 212 165 #N/A N/A 180 #N/A N/A #N/A N/A 220 238 220 220 200 205 210 195 192 #N/A N/A 191 227 165 170 168

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 30.06.2013 31.07.2013 30.06.2013 28.06.2013 30.04.2013 30.04.2013 31.07.2013 22.04.2013 31.08.2013 28.03.2013 31.07.2013 27.09.2013 31.05.2013 30.06.2013 27.09.2013 30.09.2013 28.06.2013 26.09.2013 30.06.2013

Date 12 month Not Provided 6 month 15 month 12 month 12 month Not Provided Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 20.09.2013 13.09.2013 12.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 09.09.2013 06.09.2013 04.09.2013 04.09.2013 02.09.2013 14.08.2013 12.08.2013 09.08.2013 07.08.2013 05.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 07.05.2013 02.05.2013 09.04.2013 25.02.2013 29.10.2012 18.10.2012

30.09.2013

Rolls-Royce Holdings PLC Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines for civil and military aircraft. The Group designs, constructs and installs power generation systems, transmission and distribution systems, and equipment for the marine propulsion, oil and gas pumping, and defense markets.

Price/Volume 1400

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

1200 1000 800

Valuation Analysis

600

Latest Fiscal Year: LTM as of: 52-Week High (25.07.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RR/ LN EQUITY YTD Change RR/ LN EQUITY YTD % CHANGE

12/2012 01/yy 1'248.00 827.34 1'325'015.00 1106 -11.38% 33.68% 70.76% 1'880.3 20'795.63 1'383.00 0.0 17.0 2'596.00 20'627.63

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200 0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 9'082.0 0.56x 1'096.0 4.63x (1'340.0) -

400

31.12.2009 31.12.2010 10'414.0 11'085.0 0.76x 0.93x 1'396.0 1'404.0 5.67x 7.36x 2'221.0 539.0 4.02x 21.34x Profitability

31.12.2011 11'124.0 1.25x 1'480.0 9.36x 850.0 16.25x

31.12.2012 12'161.0 1.25x 1'687.0 8.98x 2'281.0 7.09x 1'687.00 1'200.00 9.87% 22.24% 3.66% 14.58% 26.56% 0.70% 22.6% 14.4% 10.0% 18.8% 1.33 0.79 7.63% 22.72% 3.24

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.85 0.94 1'877.72 33.76% 27.95% 0.942 22 3.591 3'867'448 3'933'194 3'456'885 FY+2

12/13 Y 12/14 Y 15'372.1 16'328.8 1.26x 1.16x 2'290.5 2'466.7 9.01x 8.36x 1'280.9 1'376.7 16.48x 15.30x S&P Issuer Ratings

FQ+1

FQ+2

13.04.2012 A STABLE 13.04.2012 A-1 3.52 2.61 -0.43 1.30 22.7% 18.5% 0.70 4.90 112.49 97.64

Sales/Revenue/Turnover

20.00

14'000.0

18.00

12'000.0

16.00 14.00

10'000.0

12.00

8'000.0

10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Rolls-Royce Holdings PLC Holdings By:

All

Holder Name INVESCO LTD BLACKROCK PERPETUAL INVESTMENT LEGAL & GENERAL VANGUARD GROUP INC BAILLIE GIFFORD AND HARBOR FUNDS CAPITAL GROUP COMPAN FIL LIMITED HARBOR CAPITAL ADVIS Northern Cross Inter NORGES BANK NORGES BANK INVESTME SCOTTISH WIDOWS THREADNEEDLE M FINANCIAL INVESTME STATE STREET CORP THORNBURG INVESTMENT FMR LLC STANDARD LIFE INVEST

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

RBC Capital Markets ROBERT STALLARD Jefferies SANDY MORRIS AlphaValue THOMAS PICHERIT Espirito Santo Investment Bank Research EDWARD STACEY Investec ANDREW GOLLAN Day by Day VALERIE GASTALDY Liberum Capital Ltd BENJAMIN BOURNE Cantor Fitzgerald ANDREW CHAMBERS Morgan Stanley RUPINDER VIG Exane BNP Paribas OLIVIER BROCHET EVA Dimensions TIMOTHY STANISH Societe Generale ZAFAR KHAN Deutsche Bank BEN FIDLER JPMorgan DAVID H PERRY Shore Capital Stockbrokers GERARD LANE S&P Capital IQ UNAI FRANCO Sanford C. Bernstein & Co DOUGLAS S HARNED UBS CHARLES ARMITAGE Barclays NICK WEBSTER CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX Kepler Cheuvreux CHRISTOPHE MENARD

Source ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG REG RNS-MAJ ULT-AGG ULT-AGG MF-AGG REG MF-AGG REG ULT-AGG ULT-AGG MF-AGG ULT-AGG REG ULT-AGG REG

Recommendation outperform buy sell sell add hold buy buy Overwt/In-Line outperform overweight sell sell overweight corporate buy market perform sell overweight sell hold

Amt Held 120'487'796 93'990'210 84'928'999 81'858'814 64'246'008 60'277'271 58'969'691 57'062'291 56'038'651 49'502'250 45'553'844 44'676'196 44'674'730 42'004'275 34'736'953 32'727'840 32'074'111 31'189'550 30'726'987 24'329'225

% Out 6.41 5 4.52 4.35 3.42 3.21 3.14 3.03 2.98 2.63 2.42 2.38 2.38 2.23 1.85 1.74 1.71 1.66 1.63 1.29

Weighting

Change

5 5 1 1 4 3 5 5 5 5 5 1 1 5 #N/A N/A 5 3 1 5 1 3

M M M M M M M M M M U M D M M M M M M M M

Latest Chg 298'988 48'778'690 (4'010'286) 1'596'751 208'582 (22'642'963) 602'116 (36'831) (833'953) (564'879) 32'455'108 (312'843) 5'082'190 139'539 (811'123)

Target Price 1'340 1'400 1'009 950 1'180 #N/A N/A 1'340 1'350 1'300 1'365 #N/A N/A 1'150 1'020 1'560 #N/A N/A 1'400 1'100 900 1'225 800 1'050

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.09.2013 26.09.2013 30.04.2013 31.07.2013 30.06.2013 01.05.2013 18.09.2013 30.06.2013 01.05.2013 30.06.2013 01.05.2013 31.12.2012 01.05.2013 31.07.2013 31.05.2013 30.06.2013 27.09.2013 01.05.2013 31.07.2013 01.05.2013

Date 12 month 12 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 15 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Government Government Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 26.09.2013 25.09.2013 18.09.2013 16.09.2013 12.09.2013 02.09.2013 27.08.2013 20.08.2013 19.08.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 22.07.2013 09.07.2013 09.07.2013 18.02.2013 15.02.2013

30.09.2013

ASML Holding NV ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment. The Company's products allow semiconductor manufacturers to choose the optimal numerical aperture and wavelength for their applications, assure uniformity, and produce more using less floor space.

Price/Volume 80

12.0 M

10.0 M

60 8.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.09.2013) 52-Week Low (18.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASML NA EQUITY YTD Change ASML NA EQUITY YTD % CHANGE

12/2012 06/yy 73.28 38.25 665'730.00 72.93 -0.41% 90.67% 99.45% 446.8 32'585.73 759.49 0.0 0.0 2'697.60 30'970.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

20 2.0 M

10 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'953.7 1.71x 406.2 12.42x 322.4 17.00x

6.0 M

31.12.2009 31.12.2010 1'596.1 4'507.9 6.29x 2.52x (21.5) 1'402.1 8.11x (150.9) 1'021.8 12.30x Profitability

LTM-4Q 31.12.2011 5'651.0 2.02x 1'806.4 6.33x 1'467.0 9.41x

31.12.2012 4'731.6 3.72x 1'343.4 13.11x 1'146.3 17.78x 1'343.39 1'156.77 24.45% 24.32% 10.11% 17.62% 0.49% 42.4% 23.4% 19.4% 24.2% 2.80 1.58 10.25% 18.67% 6.96 1.25

Price/ Cash Flow

06/yy 5'149.0 9.58x 1'540.5 9.65x 1'213.8 13.67x

LTM 06/yy 4'330.7 17.99x 1'014.4 25.11x 889.4 29.29x

FY+1

0.92 353.75 112.42% 53.37% 0.924 40 3.800 998'809 981'467 1'059'336 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'152.1 6'566.9 1'339.1 1'762.3 6.00x 4.60x 23.53x 18.06x 1'206.9 1'837.7 284.7 474.0 25.61x 16.82x 18.37x 16.17x 911.8 1'467.7 218.1 380.1 33.41x 21.10x 23.12x 21.15x S&P Issuer Ratings

58.97 51.43 -1.59 0.73 18.7% 15.7% 0.49 3.76 52.44 291.26 252.00

Sales/Revenue/Turnover

250.00

6'000.0 5'000.0

200.00

4'000.0 150.00

3'000.0 100.00

2'000.0

50.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

ASML Holding NV Holdings By:

All

Holder Name STICHTING ADM MAKTSJ CAPITAL GROUP COMPAN FMR LLC BLACKROCK STICHT ADM TSMC ASML HOLDING NV NORGES BANK THORNBURG INVESTMENT WADDELL & REED FINAN VANGUARD GROUP INC FIL LIMITED ALLIANZ ASSET MANAGE AMUNDI DEUTSCHE BANK AG JP MORGAN T ROWE PRICE ASSOCIA ING INVESTMENT MANAG ACHMEA BELEGGINSFOND NATIXIS ASSET MANAGE BNP PARIBAS

Firm Name Sanford C. Bernstein & Co Cowen and Company Deutsche Bank Natixis AlphaValue Jefferies Berenberg Bank Grupo Santander Pacific Crest Securities Exane BNP Paribas HSBC Goldman Sachs Day by Day ING Bank Morgan Stanley Theodoor Gilissen Securities ABN Amro Bank N.V. Piper Jaffray Credit Suisse Redburn Partners Main First Bank AG Liberum Capital Ltd Societe Generale Baader Bank UBS JPMorgan Landesbank Baden-Wuerttemberg Petercam Rabobank International Kepler Cheuvreux Barclays Commerzbank Corporates & Markets Independent Research GmbH SNS Securities(ESN) S&P Capital IQ Erste Group Kempen & Co EVA Dimensions Bank of Valletta

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst PIERRE FERRAGU TIMOTHY M ARCURI KAI KORSCHELT STEPHANE HOURI LIONEL PELLICER LEE SIMPSON #N/A N/A CARLOS JAVIER TREVINO WESTON TWIGG JEROME RAMEL CHRISTIAN DOMINIK RATH SIMON F SCHAFER VALERIE GASTALDY MARC ZWARTSENBURG FRANCOIS MEUNIER JOS VERSTEEG ROBIN VAN DEN BROEK JAGADISH IYER JOHN W PITZER SUMANT WAHI JUERGEN WAGNER JANARDAN MENON PETER KNOX GUENTHER MICHAEL HOLLFELDER GARETH JENKINS SANDEEP S DESHPANDE WALTER SCHNEIDER MARCEL ACHTERBERG PHILIP SCHOLTE BERND LAUX ANDREW M GARDINER THOMAS M BECKER MARKUS FRIEBEL EDWIN DE JONG JAMES CRAWSHAW HANS ENGEL ERWIN DUT ANDREW S ZAMFOTIS TEAM COVERAGE

Source Research ULT-AGG ULT-AGG ULT-AGG 20F Co File MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation outperform outperform buy buy reduce buy hold hold sector perform neutral overweight Buy/Neutral hold hold Overwt/Cautious hold buy neutral outperform buy underperform hold hold hold buy overweight hold hold hold buy overweight reduce sell suspended coverage buy buy hold underweight overweight

Amt Held 62'977'877 51'453'097 36'311'008 22'238'594 20'992'625 8'980'030 6'596'866 6'257'013 5'430'772 3'864'722 3'152'658 3'011'019 1'890'391 1'864'690 1'648'623 1'583'090 1'448'183 1'208'197 1'115'503 1'108'563

% Out 14.1 11.52 8.13 4.98 4.7 2.01 1.48 1.4 1.22 0.86 0.71 0.67 0.42 0.42 0.37 0.35 0.32 0.27 0.25 0.25

Weighting

Change

5 5 5 5 2 5 3 3 3 3 5 5 3 3 5 3 5 3 5 5 1 3 3 3 5 5 3 3 3 5 5 2 1 #N/A N/A 5 5 3 1 5

M M M M M M M M M M M M D M M M M M M M M M M M M M M M M M M M M M M M M D M

Latest Chg (639'895) (1'694'310) 315'941 (607'933) (25'086) 1'694'676 (27'012) 173'062 143'905 (9'103) 664'922 (18'903)

Target Price 83 80 75 83 64 80 73 #N/A N/A #N/A N/A 67 76 105 #N/A N/A 73 70 75 80 58 75 #N/A N/A 51 45 66 70 75 75 71 66 60 75 80 40 53 31 75 #N/A N/A 68 #N/A N/A 59

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.05.2013 31.07.2013 31.07.2013 26.09.2013 06.02.2013 01.07.2012 31.12.2012 31.07.2013 30.06.2013 30.06.2013 30.04.2013 31.08.2013 31.08.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.05.2013 30.04.2013

Date 12 month 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Other Corporation Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 30.09.2013 30.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 20.09.2013 18.09.2013 11.09.2013 10.09.2013 09.09.2013 22.08.2013 22.08.2013 21.08.2013 13.08.2013 26.07.2013 23.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 01.07.2013 04.06.2013 29.01.2013 21.01.2013

30.09.2013

GDF Suez GDF Suez offers a full range of electricity, gas and associated energy and environment services throughout the world. The Company produces, trades, transports, stores and distributes natural gas, and offers energy management and climatic and thermal engineering services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (01.03.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSZ FP EQUITY YTD Change GSZ FP EQUITY YTD % CHANGE

12/2012 06/yy 19.05 14.05 2'237'926.00 18.55 -2.62% 32.03% 95.80% 2'412.8 44'757.89 57'552.00 0.0 11'462.0 11'383.00 97'638.89

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 79'908.0 84'478.0 1.32x 1.24x 13'781.0 15'918.0 7.63x 6.59x 4'477.0 4'616.0 14.77x 12.79x Profitability

40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-12

LTM-4Q 31.12.2011 90'673.0 1.18x 16'071.0 6.64x 4'003.0 11.73x

31.12.2012 97'038.0 0.97x 18'401.0 5.13x 1'550.0 22.90x 18'401.00 9'520.00 9.81% 4.96% 0.46% 1.56% 2.30% 0.47% 18.6% 9.8% 1.6% 1.07 0.65 28.01% 96.33% 4.04 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 90'449.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 96'246.0 0.00x 0.0 0.00x 0.0 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

8.09 1.05 1'355.86 11.03% 24.04% 1.053 33 3.636 4'551'098 4'556'468 4'282'891 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 81'904.2 82'453.3 1.09x 1.06x 13'534.3 13'371.1 7.21x 7.30x 3'325.1 3'286.2 13.43x 13.56x S&P Issuer Ratings

06.05.2013 A NEG 06.05.2013 A-1 7.20 3.61 2.34 2.96 96.3% 44.7% 0.47 1.12 90.29 -

Sales/Revenue/Turnover

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

45.0 M

Fiscal Year Ended 31.12.2008 67'923.8 1.64x 9'605.7 11.61x 4'857.1 11.85x

20 18 16 14 12 10 8 6 4 2 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

GDF Suez Holdings By:

All

Holder Name FRENCH STATE CAPITAL GROUP COMPAN GROUPE BRUXELLES LAM GDF SUEZ CAISSE DES DEPOTS ET NORGES BANK BLACKROCK CNP ASSURANCES FRANKLIN RESOURCES VANGUARD GROUP INC PICTET FUNDS AMUNDI SOFINA SA BNP PARIBAS THORNBURG INVESTMENT SUN LIFE FINANCIAL I INTERNATIONAL VALUE LBPAM UBS AG NATIXIS ASSET MANAGE

Firm Name RBC Capital Markets Kepler Cheuvreux Credit Suisse Day by Day AlphaValue BPI Goldman Sachs Exane BNP Paribas Raymond James Grupo Santander HSBC EVA Dimensions S&P Capital IQ Societe Generale Deutsche Bank Bryan Garnier & Cie UBS Independent Research GmbH Natixis Main First Bank AG Morgan Stanley Landesbank Baden-Wuerttemberg KBC Securities Berenberg Bank Investec CM - CIC Securities(ESN) Macquarie JPMorgan Barclays Banco Sabadell Nord/LB

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst MARTIN YOUNG XAVIER CAROEN MICHEL DEBS VALERIE GASTALDY MYRIAM COHEN LOUIS BOUJARD ANDREW MEAD BENJAMIN LEYRE EMMANUEL RETIF OSCAR NAJAR RIOS ADAM DICKENS DOUG WALTERS CLIVE ROBERTS VINCENT AYRAL MARTIN BROUGH JULIEN DESMARETZ ALBERTO GANDOLFI SVEN DIERMEIER PHILIPPE OURPATIAN ANDREAS THIELEN EMMANUEL TURPIN ERKAN AYCICEK DIETER FURNIERE TEAM COVERAGE HAROLD HUTCHINSON OLIVIER BAILS SHAI HILL NATHALIE F CASALI JULIE ARAV JORGE GONZALEZ SADORNIL HEINO HAMMANN

Source Co File ULT-AGG Research Co File Co File MF-AGG ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation outperform buy outperform hold add neutral Buy/Neutral underperform underperform buy neutral hold sell hold buy buy buy hold neutral outperform Equalwt/In-Line hold hold sell hold buy outperform neutral equalweight buy hold

Amt Held 885'506'488 183'318'950 57'953'937 55'494'957 45'843'660 41'698'795 29'320'368 24'128'242 20'247'204 14'901'317 13'691'858 12'486'862 12'064'121 11'727'981 11'348'900 9'407'576 7'392'588 6'854'128 6'632'241 6'606'543

% Out 36.7 7.6 2.4 2.3 1.9 1.73 1.22 1 0.84 0.62 0.57 0.52 0.5 0.49 0.47 0.39 0.31 0.28 0.27 0.27

Weighting

Change 5 5 5 3 4 3 5 1 1 5 3 3 1 3 5 5 5 3 3 5 3 3 3 1 3 5 5 3 3 5 3

M M M M M N M M M M D U D M U M M M M M M D M M N M M U M M M

Latest Chg (1'121'371) 46'162 4'042'513 (1'847'430) 208'084 6'233'317 4'663'950 (111'444) (1'775'500) 627'478 (385'377) (1'296'624) (439'252) (1'606'784)

Target Price 20 21 20 #N/A N/A 20 17 22 15 #N/A N/A 19 18 #N/A N/A 15 16 20 19 19 19 18 19 16 17 17 14 15 23 17 15 16 18 17

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.06.2013 17.05.2013 31.12.2012 31.12.2012 31.12.2012 26.09.2013 31.12.2012 30.06.2013 30.06.2013 16.07.2013 31.08.2013 31.12.2012 30.04.2013 31.07.2013 31.07.2013 31.03.2013 28.03.2013 27.09.2013 31.05.2013

Date 12 month Not Provided Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 9 month Not Provided 12 month Not Provided

Inst Type Government Investment Advisor Holding Company Corporation Government Government Investment Advisor Insurance Company Investment Advisor Unclassified Investment Advisor Investment Advisor Holding Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 30.09.2013 19.09.2013 16.09.2013 16.09.2013 12.09.2013 09.09.2013 09.09.2013 04.09.2013 02.09.2013 30.08.2013 21.08.2013 21.08.2013 16.08.2013 09.08.2013 07.08.2013 06.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 22.05.2013 13.05.2013 24.04.2013 23.04.2013 11.04.2013 08.04.2013 15.02.2013 06.12.2012

30.09.2013

Inditex SA Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs, manufactures and distributes apparel. The Company operates retail chains in Europe, the Americas, Asia, and Africa.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITX SQ EQUITY YTD Change ITX SQ EQUITY YTD % CHANGE

01/2013 07/yy 116.10 90.13 352'523.00 112.9 -2.67% 25.26% 90.76% 623.3 70'374.00 80.66 0.0 35.9 4'111.38 66'802.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

35.0 M

120

30.0 M

100

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.01.2009 10'407.0 1.68x 2'186.9 7.97x 1'253.5 14.82x

140

31.01.2010 31.01.2011 11'083.5 12'526.6 2.36x 2.48x 2'353.1 2'966.2 11.09x 10.46x 1'314.4 1'731.8 21.63x 19.86x Profitability

LTM-4Q 31.01.2012 13'792.6 2.76x 3'214.6 11.86x 1'932.3 21.51x

31.01.2013 15'946.1 3.78x 3'927.6 15.36x 2'360.8 27.25x 3'927.64 3'116.84 19.55% 19.63% 19.09% 31.02% 1.32% 59.8% 23.9% 19.0% 14.8% 1.92 1.42 0.63% 0.96% 21.11 4.26

LTM

07/yy 14'823.3 11.04x 3'575.4 13.63x 2'159.1 24.20x

07/yy 16'361.6 14.46x 3'916.1 15.04x 2'367.4 26.38x

FY+1

0.71 221.78 19.15% 8.18% 0.711 39 3.538 1'114'417 1'080'128 999'903 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 10/13 Q3 01/14 Q4 17'239.1 19'076.1 4'494.7 5'067.5 3.81x 3.39x 4'160.4 4'673.2 1'233.7 1'289.0 16.06x 14.29x 15.37x 14.66x 2'589.7 2'912.5 807.4 839.8 27.19x 24.20x 25.43x 24.34x S&P Issuer Ratings

1378.60 960.00 -0.92 0.00 1.0% 0.9% 1.32 3.46 17.29 85.61 194.67 -58.36

Sales/Revenue/Turnover

18'000.0 16'000.0

1.00 0.80

14'000.0 12'000.0 10'000.0

0.60

8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Inditex SA Holdings By:

All

Holder Name GARTLER SL PARTLER 2006 SL ROSP CORUNNA JP MORGAN CAPITAL GROUP COMPAN BLACKROCK NORGES BANK VANGUARD GROUP INC CARMIGNAC GESTION FMR LLC HARBOR CAPITAL ADVIS OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE BAILLIE GIFFORD AND FIL LIMITED UMB BANK N A SUN LIFE FINANCIAL I COMGEST S A NATIXIS ASSET MANAGE BANK OF NEW YORK MEL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Grupo Santander REBECCA MCCLELLAN BPI JOSE RITO BBVA ISABEL CARBALLO Ahorro Corporacion Financiera SA GERMAN GARCIA BOU AlphaValue VIRGINIE BLIN Sanford C. Bernstein & Co JAMIE MERRIMAN Banco Sabadell IGNACIO ROMERO Day by Day VALERIE GASTALDY Societe Generale ANNE CRITCHLOW Credit Suisse SIMON IRWIN Raymond James CEDRIC LECASBLE Cantor Fitzgerald ALLEGRA PERRY Independent Research GmbH ZAFER RUZGAR Hamburger Sparkasse CHRISTIAN HAMANN Espirito Santo Investment Bank Research FILIPE ROSA Natixis JEAN BAPTISTE TEISSIER Telsey Advisory Group DANA TELSEY Deutsche Bank WARWICK OKINES Morgan Stanley GEOFFREY RUDDELL La Caixa ANTONIO JOSE CASTELL NEYRA Bankia Bolsa (ESN) SERGIO RUIZ MARTIN ISI Group OMAR SAAD Nomura FRASER RAMZAN S&P Capital IQ WILLIAM MACK NMAS 1 Agencia de Valores FRANCISCO RIQUEL Exane BNP Paribas BEN SPRUNTULIS HSBC PAUL ROSSINGTON SEB Enskilda NICKLAS FHARM BCP Investimento JOAO C FLORES Interdin Bolsa SOFIA REBUELTA VILLEGAS Barclays CHRISTODOULOS CHAVIARAS Mirabaud Finanzas Sociedad de ValoresGONZALO S SANZ Kepler Cheuvreux DANIEL OVIN Redburn Partners GEOFF LOWERY Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO EVA Dimensions CRAIG STERLING Intermoney Valores ANTONIO PAUSA RODRIGUEZ UBS ANDREW HUGHES Goldman Sachs FRANKLIN WALDING Renta 4 SA SVB IVAN SAN FELIX Link Securities PAULA SAMPEDRO

Source Co File Co File EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy market perform sell sell outperform buy buy buy underperform outperform hold sell hold neutral buy no rating system buy Equalwt/Cautious underweight hold strong buy buy buy buy outperform neutral not rated neutral sell equalweight underweight reduce buy neutral hold hold neutral Buy/Neutral hold accumulate

Amt Held 311'727'598 57'872'465 31'494'806 16'126'169 7'981'213 5'764'590 5'725'374 5'404'831 5'314'710 4'044'239 2'873'258 2'632'156 2'542'902 1'562'000 1'156'342 1'149'037 1'114'981 1'041'835 894'465 774'119

% Out 50.01 9.28 5.05 2.59 1.28 0.92 0.92 0.87 0.85 0.65 0.46 0.42 0.41 0.25 0.19 0.18 0.18 0.17 0.14 0.12

Weighting

Change

5 5 3 1 1 5 5 5 5 1 5 3 1 3 3 5 #N/A N/A 5 3 1 3 5 5 5 5 5 3 #N/A N/A 3 1 3 1 2 5 3 3 3 3 5 3 4

M M M M M M M M M M M M M M M M M M M M M M M M M M M M D M M M M M M D M M M M D

Latest Chg (2'666'104) 328'000 1'461'214 (78'023) 290'786 17'762 88'992 47'784 (83'629) 115'700 (1'255'440) 16'334 355'434 519'493 12'471

Target Price 129 127 115 92 92 130 122 126 141 93 119 112 96 #N/A N/A 107 125 115 120 100 111 98 130 117 130 123 120 116 #N/A N/A 112 84 100 96 95 #N/A N/A 105 #N/A N/A 94 105 125 81 47

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.01.2013 31.01.2013 15.08.2013 31.07.2013 31.07.2013 26.09.2013 31.12.2012 30.06.2013 28.06.2013 31.07.2013 30.06.2013 31.07.2013 31.08.2013 28.06.2013 30.04.2013 31.07.2013 31.07.2013 30.08.2013 31.05.2013 27.09.2013

Date 12 month Not Provided Not Provided Not Provided 6 month 12 month 12 month 3 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided

Inst Type Unclassified Corporation Unclassified Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 23.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 17.09.2013 16.09.2013 10.09.2013 29.08.2013 29.08.2013 29.07.2013 12.06.2013 03.06.2013 03.04.2013 02.04.2013 13.03.2013 30.01.2013 07.11.2012 12.09.2012 26.11.2009

30.09.2013

E.ON SE E.ON SE operates in power generation and gas production businesses. The Company's operations include electric generation at conventional, nuclear, and renewable-source facilities, electric transmission via high-voltage wires network, regional distribution of electricity, gas, and heat, power trading and electricity, gas, and heat sales.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (08.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EOAN GY EQUITY YTD Change EOAN GY EQUITY YTD % CHANGE

12/2012 06/yy 18.85 11.82 5'572'214.00 13.12 -30.38% 11.05% 22.76% 2'001.0 26'253.12 25'944.00 0.0 3'862.0 6'097.00 47'249.12

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 81'817.0 92'863.0 1.11x 0.78x 12'703.0 13'006.0 7.18x 5.56x 8'396.0 5'853.0 6.50x 6.53x Profitability

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-12

LTM-4Q 31.12.2011 112'954.0 0.52x 4'269.0 13.73x (2'219.0) -

31.12.2012 132'093.0 0.38x 8'443.0 5.99x 2'217.0 12.36x 8'443.00 4'940.00 3.74% 2.51% 1.69% 6.74% 6.90% 0.93% 7.6% 4.9% 1.7% 1.20 0.61 18.48% 74.22% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

1.04 1'847.04 -22.98% 0.94% 1.040 36 2.778 6'863'377 10'463'780 9'345'915 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 100'850.0 103'107.0 119'584.2 121'661.5 2.38x 1.94x 0.40x 0.38x 4'407.0 7'043.0 9'327.3 9'096.7 0.00x 0.00x 5.06x 5.19x (190.0) 2'559.0 2'382.4 2'301.3 0.00x 0.00x 10.60x 11.07x S&P Issuer Ratings Long-Term Rating Date 27.07.2012 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 27.07.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 2.90 (EBITDA-Capex)/Interest Exp. 0.71 Net Debt/EBITDA 1.78 Total Debt/EBITDA 2.38 Reference Total Debt/Equity 74.2% Total Debt/Capital 40.1% Asset Turnover 0.93 Net Fixed Asset Turnover 2.46 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

140'000.0

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

70.0 M

Fiscal Year Ended 31.12.2008 86'753.0 1.08x 5'403.0 17.28x 1'266.0 37.92x

20 18 16 14 12 10 8 6 4 2 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

E.ON SE Holdings By:

All

Holder Name BLACKROCK E.ON AG GOVERNMENT OF NORWAY CREDIT SUISSE AG NORGES BANK DB PLATINUM ADVISORS MORGAN STANLEY VANGUARD GROUP INC SOCIETE GENERALE SA DEKABANK DEUTSCHE GI PICTET FUNDS UNION INVESTMENT GMB CAPITAL GROUP COMPAN PRIVAT BANK PATRIMON T ROWE PRICE ASSOCIA UBS AG MERCURY ASSET MANAGE AMUNDI FRANKFURT TRUST INVE GRANTHAM MAYO VAN OT

Firm Name RBC Capital Markets Grupo Santander Commerzbank Corporates & Markets AlphaValue Exane BNP Paribas Societe Generale Bankhaus Metzler M.M. Warburg Investment Research Goldman Sachs HSBC JPMorgan Redburn Partners Morgan Stanley Credit Suisse Kepler Cheuvreux Landesbank Baden-Wuerttemberg Deutsche Bank EVA Dimensions Macquarie Hamburger Sparkasse Nord/LB Natixis Barclays Raymond James Independent Research GmbH S&P Capital IQ Day by Day Investec UBS Main First Bank AG Berenberg Bank Equinet Institutional Services(ESN) Banco Sabadell National Bank AG

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOHN MUSK OSCAR NAJAR RIOS TANJA MARKLOFF EILEEN RYAN BENJAMIN LEYRE ALBERTO PONTI GUIDO HOYMANN STEPHAN WULF DEBORAH WILKENS ADAM DICKENS NATHALIE F CASALI AHMED FARMAN BOBBY CHADA VINCENT GILLES INGO BECKER ERKAN AYCICEK ALEXANDER KARNICK DOUG WALTERS ROBERT SCHRAMM-FUCHS ANNEMARIE SCHLUETER HEINO HAMMANN PHILIPPE OURPATIAN PETER BISZTYGA EMMANUEL RETIF SVEN DIERMEIER CLIVE ROBERTS VALERIE GASTALDY HAROLD HUTCHINSON PATRICK HUMMEL ANDREAS THIELEN TEAM COVERAGE MICHAEL SCHAEFER JORGE GONZALEZ SADORNIL STEFFEN MANSKE

Source ULT-AGG Co File Research ULT-AGG MF-AGG MF-AGG Research ULT-AGG Research MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform hold hold buy neutral sell buy buy Buy/Neutral underweight underweight neutral Equalwt/In-Line underperform hold hold hold hold underperform hold hold reduce overweight market perform sell buy hold reduce neutral outperform sell hold buy sell

Amt Held 175'161'844 95'529'865 58'428'022 47'239'166 44'456'040 26'967'138 25'888'854 21'153'194 19'195'947 12'863'703 11'926'783 11'867'950 7'475'000 7'002'471 6'981'054 6'442'280 5'777'028 5'705'123 4'682'600 4'438'987

% Out 8.75 4.77 2.92 2.36 2.22 1.35 1.29 1.06 0.96 0.64 0.6 0.59 0.37 0.35 0.35 0.32 0.29 0.29 0.23 0.22

Weighting

Change 1 3 3 5 3 1 5 5 5 1 1 3 3 1 3 3 3 3 1 3 3 2 5 3 1 5 3 2 3 5 1 3 5 1

M M M M M M M M M M M M M M M M M U M M M M M M M M M M M M M M M M

Latest Chg 831'589 23'123'001 668'398 (1'838'618) 166'783 (1'964'569) 1'357'797 (20'175) 13'048 (1'320'681) (95'700) 254'908

Target Price 11 13 13 17 13 12 15 16 17 10 11 #N/A N/A 15 10 12 12 12 #N/A N/A 11 #N/A N/A 14 12 15 #N/A N/A 11 14 #N/A N/A 12 12 15 11 14 14 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.12.2011 25.04.2013 31.05.2013 31.12.2012 31.07.2013 10.05.2012 30.06.2013 14.05.2013 30.09.2013 31.05.2013 28.03.2013 30.06.2013 30.06.2013 30.06.2013 27.09.2013 26.09.2013 31.08.2013 28.06.2013 30.11.2012

Date 12 month Not Provided 6 month 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided 9 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided

Inst Type Investment Advisor Corporation Government Investment Advisor Government Investment Advisor Investment Advisor Unclassified Unclassified Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 20.09.2013 19.09.2013 12.09.2013 11.09.2013 09.09.2013 09.09.2013 04.09.2013 04.09.2013 02.09.2013 02.09.2013 30.08.2013 27.08.2013 19.08.2013 16.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 07.08.2013 07.08.2013 07.06.2013 24.05.2013 18.03.2013 15.02.2013 31.01.2013

30.09.2013

Anglo American PLC Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American PLC has mining operations in Africa, Europe, North and South America, Asia and Australia.

Price/Volume

2000

10.0 M 8.0 M

1500 1000

12/2012 01/yy 2'088.50 1'195.50 981'187.00 1495.5 -28.35% 25.09% 38.58% 1'394.1 20'849.29 16'760.00 0.0 6'130.0 9'094.00 48'006.10

4.0 M

500 0 o-12

2.0 M .0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (03.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAL LN EQUITY YTD Change AAL LN EQUITY YTD % CHANGE

31.12.2008 26'311.0 1.61x 9'986.0 4.23x 5'215.0 5.19x

2500

31.12.2009 31.12.2010 20'858.0 27'960.0 3.39x 2.84x 4'465.0 10'301.0 15.82x 7.71x 2'425.0 6'544.0 21.67x 9.58x Profitability

31.12.2011 30'580.0 1.75x 11'379.0 4.69x 6'169.0 7.24x

31.12.2012 28'761.0 1.97x 7'682.0 7.37x (1'493.0) 7'682.00 5'393.00 18.75% -0.83% -3.14% -6.14% 0.40% 33.9% 26.2% 17.6% -5.2% 2.34 1.32 21.12% 44.51% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.52 1.37 1'222.99 -14.95% -18.40% 1.374 32 3.156 2'694'053 3'260'122 3'548'983 FY+2

12/13 Y 12/14 Y 31'276.1 31'945.5 1.63x 1.65x 8'584.6 9'220.2 5.59x 5.21x 2'171.4 2'707.1 13.41x 11.40x S&P Issuer Ratings

FQ+1

FQ+2

04.04.2013 BBB STABLE 19.04.2010 A-2 7.08 1.91 1.11 2.21 44.5% 27.7% 0.40 0.71 64.36

Sales/Revenue/Turnover

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Anglo American PLC Holdings By:

All

Holder Name PUBLIC INVESTMENT CO CORONATION ASSET MAN BLACKROCK GENESIS ASSET MANAGE LEGAL & GENERAL TARL INVESTMENT HOLD EPOCH TWO INVESTMENT NORGES BANK VANGUARD GROUP INC SCOTTISH WIDOWS NORGES BANK INVESTME E OPPENHEIMER & SON FRANKLIN RESOURCES OPPENHEIMERFUNDS INC STATE STREET CORP PEOPLES REPUBLIC OF FIL LIMITED UBS AG OPPENHEIMERFUNDS INC MOMENTUM

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

Deutsche Bank ANNA MULHOLLAND Sanford C. Bernstein & Co PAUL GAIT Macquarie KIERAN DALY AlphaValue SACHIN KUMAR Barclays IAN ROSSOUW Nomura SAM CATALANO Liberum Capital Ltd BEN DAVIS BMO Capital Markets TONY ROBSON RBC Capital Markets DES KILALEA Exane BNP Paribas RAPHAEL VEVERKA Jefferies Christopher LaFemina Investec ALBERT MINASSIAN Kepler Cheuvreux JOAKIM AHLBERG Natixis RAOUDHA BOUZEKRI JPMorgan FRASER JAMIESON Day by Day VALERIE GASTALDY Makor Capital ALBERT SAPORTA Redburn Partners SIMON TOYNE Credit Suisse LIAM FITZPATRICK Societe Generale ALAIN WILLIAM Morgan Stanley MENNO SANDERSE Independent Research GmbH SVEN DIERMEIER Goldman Sachs EUGENE KING S&P Capital IQ JOHNSON IMODE HSBC ANDREW KEEN Espirito Santo Investment Bank Research NICK MELLOR UBS MYLES ALLSOP SBG Securities PETER DAVEY EVA Dimensions TIMOTHY STANISH Imara STEPHEN MEINTJES Standard Chartered SUBRAMANIAM VARADA

Source REG RNS-MAJ ULT-AGG RNS-MAJ ULT-AGG REG REG MF-AGG ULT-AGG ULT-AGG REG REG ULT-AGG REG ULT-AGG REG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy outperform outperform add equalweight neutral sell market perform underperform neutral hold buy buy neutral neutral hold buy neutral neutral hold Equalwt/In-Line hold Sell/Neutral sell overweight neutral neutral sell underweight hold in-line

Amt Held 81'235'375 71'675'580 64'138'546 63'296'166 50'355'891 47'275'613 42'166'686 32'910'585 31'860'172 29'232'507 29'043'329 25'200'000 25'112'730 24'657'790 24'276'061 23'639'170 20'017'773 17'058'800 16'211'057 13'556'213

% Out 5.83 5.14 4.6 4.54 3.61 3.39 3.02 2.36 2.29 2.1 2.08 1.81 1.8 1.77 1.74 1.7 1.44 1.22 1.16 0.97

Weighting

Change 5 5 5 4 3 3 1 3 1 3 3 5 5 3 3 3 5 3 3 3 3 3 1 1 5 3 3 1 1 3 3

M M M M M M D M M M M M M M M M N M M M M M M M M N M M M N M

Latest Chg (1'189'600) 418'601 351'510 (423'124) 15'143'162 2'780'180 (307'951) 94'571 (321'515) (60'900) 11'781'598

Target Price 1'830 2'025 1'700 1'720 1'415 1'600 #N/A N/A 1'500 1'500 1'550 1'650 1'924 2'000 1'370 1'655 #N/A N/A #N/A N/A #N/A N/A 1'600 1'500 1'610 1'500 1'100 1'200 1'610 1'224 1'350 1'430 #N/A N/A #N/A N/A 1'960

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.05.2013 05.07.2013 26.09.2013 10.05.2013 31.07.2013 01.05.2013 01.05.2013 31.12.2012 30.06.2013 01.05.2013 01.05.2013 01.05.2013 30.06.2013 01.05.2013 27.09.2013 01.05.2013 01.05.2013 28.06.2013 31.07.2013 31.08.2013

Date 12 month 12 month 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 9 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Unclassified Government Unclassified Unclassified Government Other Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 26.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 19.09.2013 18.09.2013 16.09.2013 16.09.2013 10.09.2013 09.09.2013 06.09.2013 04.09.2013 29.08.2013 21.08.2013 20.08.2013 15.08.2013 09.08.2013 06.08.2013 31.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 16.07.2013 15.07.2013 10.07.2013 28.06.2013 06.06.2013 17.01.2013 08.09.2012

30.09.2013

Muenchener Rueckversicherungs AG Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Price/Volume 180

2.5 M

160 2.0 M

140 120

1.5 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MUV2 GY EQUITY YTD Change MUV2 GY EQUITY YTD % CHANGE

12/2012 06/yy 158.65 121.20 192'470.00 144.15 -9.14% 18.94% 65.15% 179.3 25'852.04 6'256.00 0.0 242.0 2'860.00 27'658.03

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.5 M

20 0 o-12

31.12.2009 31.12.2010 53'891.0 59'111.0 0.44x 0.42x 2'521.0 2'422.0 8.39x 8.69x Profitability

LTM-4Q 31.12.2011 60'908.0 0.33x 702.0 24.03x

31.12.2012 65'896.0 0.43x 3'195.0 7.56x 6.64% 6.19% 1.22% 12.30% 10.97% 0.26% 4.8% 2.42% 23.02% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

06/yy 64'012.0 1.33x 0.0 0.00x 2'501.0 7.88x

06/yy 65'533.0 1.67x 0.0 0.00x 3'108.0 8.08x

FY+1

0.91 178.32 24.22% 10.98% 0.913 37 3.811 517'995 649'982 608'166 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 54'487.5 55'648.3 0.57x 0.55x 2'990.4 2'958.2 649.5 682.5 8.64x 8.60x S&P Issuer Ratings

AASTABLE 23.0% 18.6% 0.26 -

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 47'151.0 0.56x 1'555.0 14.34x

1.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Muenchener Rueckversicherungs AG Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I BLACKROCK PEOPLES BANK OF CHIN CREDIT SUISSE AG NORGES BANK FRANKLIN RESOURCES DEUTSCHE BANK AG DEKABANK DEUTSCHE GI VANGUARD GROUP INC ALLIANZ ASSET MANAGE ARTISAN PARTNERS HOL DB PLATINUM ADVISORS AMUNDI SOCIETE GENERALE SA TWEEDY BROWNE COMPAN UNION INVESTMENT GMB MACKENZIE FINANCIAL ADIG INVESTMENT T ROWE PRICE ASSOCIA UBS AG

Firm Name Sanford C. Bernstein & Co Berenberg Bank Day by Day Exane BNP Paribas Canaccord Genuity Corp AlphaValue Morgan Stanley Goldman Sachs JPMorgan DZ Bank AG Mediobanca SpA Commerzbank Corporates & Markets RBC Capital Markets S&P Capital IQ Independent Research GmbH Bankhaus Lampe Main First Bank AG Helvea Bankhaus Metzler Bryan Garnier & Cie Keefe, Bruyette & Woods Kepler Cheuvreux Credit Suisse Societe Generale HSBC Hamburger Sparkasse Oddo & Cie Nord/LB Raymond James Landesbank Baden-Wuerttemberg Nomura Equinet Institutional Services(ESN) Barclays EVA Dimensions Natixis

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst THOMAS SEIDL TOM CARSTAIRS VALERIE GASTALDY THOMAS JACQUET BEN COHEN DIETER HEIN MACIEJ WASILEWICZ VINIT MALHOTRA MICHAEL HUTTNER THORSTEN WENZEL MARC THIELE FRANK KOPFINGER KAMRAN HOSSAIN RODERICK WALLACE STEFAN BONGARDT ANDREAS SCHAEFER MICHAEL HAID DANIEL BISCHOF JOCHEN SCHMITT OLIVIER PAUCHAUT WILLIAM HAWKINS FABRIZIO CROCE ADAM MCINALLY JASON KALAMBOUSSIS THOMAS FOSSARD CHRISTIAN HAMANN NICOLAS JACOB JULIA SIEKMANN RAPHAEL CARUSO WERNER SCHIRMER MICHAEL KLIEN PHILIPP HAESSLER ANDREW BROADFIELD DOUG WALTERS BENOIT VALLEAUX

Source ULT-AGG ULT-AGG Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation underperform buy buy underperform buy add Overwt/In-Line Buy/Neutral overweight buy outperform add sector perform hold buy hold outperform hold buy sell outperform buy neutral hold overweight buy reduce hold market perform hold reduce hold overweight overweight neutral

Amt Held 20'086'215 17'258'773 5'380'236 5'357'374 3'648'401 2'259'503 2'094'931 1'949'900 1'938'192 1'906'462 1'853'518 1'483'792 1'469'607 1'022'103 909'100 835'251 741'768 699'370 629'490 628'159

% Out 11.2 9.62 3 2.99 2.03 1.26 1.17 1.09 1.08 1.06 1.03 0.83 0.82 0.57 0.51 0.47 0.41 0.39 0.35 0.35

Weighting

Change 1 5 5 1 5 4 5 5 5 5 5 4 3 3 5 3 5 3 5 1 5 5 3 3 5 5 2 3 3 3 2 3 5 5 3

M M M M M M M M U M M M M M U M U M M M M M M M M M M M M M M M M M M

Latest Chg (1'195) 238 (313'116) (46'236) (303'785) (80'357) (28'384) 55'290 1'080'048 1'149'463 (376'953) 763 (139'206) 10'227 (30'845)

Target Price 117 166 157 143 162 153 155 179 161 163 167 158 142 155 165 150 155 150 171 155 170 163 155 142 180 #N/A N/A 125 154 #N/A N/A 150 140 150 159 #N/A N/A 143

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 26.09.2013 31.12.2012 31.05.2013 31.12.2012 31.08.2013 31.07.2013 30.09.2013 30.06.2013 31.08.2013 31.03.2013 24.09.2013 31.08.2013 07.06.2013 31.03.2012 28.03.2013 30.06.2013 31.05.2013 30.06.2013 27.09.2013

Date 12 month Not Provided 3 month Not Provided 12 month 6 month 12 month 12 month 15 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Bank Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 26.09.2013 26.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 13.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 09.09.2013 06.09.2013 06.09.2013 05.09.2013 26.08.2013 13.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 22.07.2013 06.06.2013 08.05.2013

30.09.2013

Vivendi SA Vivendi, through its subsidiaries, conducts operations ranging from music, games and television to film and telecommunications. The Company provides digital and pay television services, sells music compact discs (CDs), develops and distributes interactive entertainment, and operates mobile and fixed-line telecommunications.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VIV FP EQUITY YTD Change VIV FP EQUITY YTD % CHANGE

12/2012 06/yy 17.62 14.00 1'014'017.00 16.995 -3.52% 21.44% 87.02% 1'339.0 22'756.66 17'757.00 0.0 2'971.0 4'258.00 43'273.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 25'392.0 1.55x 6'774.0 5.82x 2'603.0 10.43x

20 18 16 14 12 10 8 6 4 2 0 o-12

31.12.2009 31.12.2010 27'132.0 28'878.0 1.44x 1.29x 7'682.0 8'020.0 5.07x 4.64x 830.0 2'198.0 30.14x 11.35x Profitability

LTM-4Q 31.12.2011 28'813.0 1.24x 8'847.0 4.03x 2'681.0 7.83x

31.12.2012 28'994.0 1.34x 7'657.0 5.08x 164.0 130.38x 7'657.00 4'935.00 17.02% 7.27% 0.07% 0.21% 2.90% 0.48% 50.5% 23.7% 14.9% 0.6% 0.69 0.41 29.84% 96.17% 31.74

Price/ Cash Flow

LTM

06/yy 27'131.0 5.09x 7'912.0 4.47x 1'288.0 18.77x

06/yy 27'388.0 5.62x 6'499.0 6.13x 39.0 0.00x

FY+1

0.81 1'161.37 19.00% 6.54% 0.811 32 3.813 3'572'209 4'626'614 4'208'686 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 24'737.6 24'683.7 6'016.0 7'179.0 1.39x 1.35x 6'402.9 6'232.0 6.75x 6.94x 1'809.5 1'861.6 11.92x 11.55x S&P Issuer Ratings

26.10.2012 BBB NEG 26.10.2012 A-2 12.78 5.24 2.68 2.82 96.2% 45.3% 0.48 3.29 11.50 278.44 -286.64

Sales/Revenue/Turnover

4.00

70'000.0

3.50

60'000.0

3.00

50'000.0

2.50

40'000.0

2.00

30'000.0

1.50

20'000.0

1.00

10'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Vivendi SA Holdings By:

All

Holder Name BLACKROCK GROUPE BOLLORE CIE DE CORNOUAILLE S SOCIETE GENERALE AMUNDI CAISSE DES DEPOTS ET PEG VIVENDI FRANKLIN RESOURCES NORGES BANK INVESTME NATIXIS ASSET MANAGE AMUNDI CREDIT SUISSE AG UBS AG QATAR HOLDINGS LLC BAUPOST GROUP LLC VANGUARD GROUP INC FMR LLC CNP ASSURANCES DNCA FINANCE BNP PARIBAS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a

Analyst

Sanford C. Bernstein & Co CLAUDIO ASPESI AlphaValue JEAN-MICHEL SALVADOR Natixis JEROME BODIN Morgan Stanley PATRICK WELLINGTON Independent Research GmbH LARS LUSEBRINK Exane BNP Paribas CHARLES BEDOUELLE Deutsche Bank PATRICK KIRBY Oddo & Cie BRUNO HARENG Barclays JULIEN ROCH EVA Dimensions ANDREW S ZAMFOTIS Macquarie ANGUS TWEEDIE CM - CIC Securities(ESN) ERIC RAVARY Credit Suisse OMAR SHEIKH Kepler Cheuvreux CONOR O'SHEA Day by Day VALERIE GASTALDY Societe Generale CHRISTOPHE CHERBLANC UBS POLO TANG JPMorgan FILIPPO PIETRO LO FRANCO Raymond James STEPHANE BEYAZIAN HSBC NICOLAS COTE-COLISSON Nomura MATTHEW WALKER Landesbank Baden-Wuerttemberg MIRKO MAIER S&P Capital IQ ALEXANDER WISCH Grupo Santander CARLOS JAVIER TREVINO New Street Research RUSSELL WALLER Liberum Capital Ltd IAN WHITTAKER Goldman Sachs VIGHNESH PADIACHY Makor Capital ALBERT SAPORTA Jefferies JEREMY A DELLIS Espirito Santo Investment Bank Research NUNO MATIAS Hamburger Sparkasse ANNEMARIE SCHLUETER Banco Sabadell ANDRES BOLUMBURU National Bank AG STEFFEN MANSKE

Source ULT-AGG Co File Research Co File Co File Co File Co File ULT-AGG Co File Co File MF-AGG ULT-AGG ULT-AGG Co File Co File ULT-AGG ULT-AGG Co File Co File ULT-AGG

Recommendation market perform buy buy Overwt/Attractive hold neutral hold buy suspended coverage sell outperform hold outperform buy buy buy neutral neutral outperform neutral neutral hold hold buy neutral buy not rated hold buy buy hold buy sell

Amt Held 77'170'881 66'234'684 66'174'684 60'152'744 55'933'342 46'636'819 41'377'407 39'306'160 25'028'160 24'793'655 24'635'073 22'946'845 21'870'880 21'009'122 18'225'000 15'029'279 13'674'810 12'836'828 12'331'532 12'113'752

% Out 5.76 4.95 4.94 4.49 4.18 3.48 3.09 2.94 1.87 1.85 1.84 1.71 1.63 1.57 1.36 1.12 1.02 0.96 0.92 0.9

Weighting

Change

3 5 5 5 3 3 3 5 #N/A N/A 1 5 3 5 5 5 5 3 3 5 3 3 3 3 5 3 5 #N/A N/A 3 5 5 3 5 1

M M M M M M M M M D M M M M U M M M U M M M M M M M M N M M M M D

Latest Chg 45'602 641'223 2'909'504 (9'911) (184'159) 210'428 1'130'564 10'465

Target Price 18 22 22 20 18 18 17 21 #N/A N/A #N/A N/A 18 18 21 19 19 19 16 18 19 18 18 17 16 22 15 23 #N/A N/A #N/A N/A 19 18 #N/A N/A 18 16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 26.09.2013 Investment Advisor 31.12.2012 Holding Company 14.11.2012 Unclassified 31.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Other 30.06.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.08.2013 Investment Advisor 31.05.2013 Investment Advisor 27.09.2013 Unclassified 31.12.2012 Government 31.12.2012 Hedge Fund Manager 30.06.2013 Unclassified 31.07.2013 Investment Advisor 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 30.04.2013 Unclassified

Date 12 month 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 3 month 12 month 12 month 9 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 30.09.2013 26.09.2013 25.09.2013 20.09.2013 20.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 30.08.2013 29.08.2013 29.08.2013 05.08.2013 26.07.2013 26.07.2013 15.07.2013 24.04.2013 08.03.2013 15.02.2013 04.04.2012

30.09.2013

Centrica PLC Centrica PLC is an integrated energy company offering a wide range of home and business energy solutions. The Company sources, generates, processes, stores, trades, saves and supplies energy and provides a range of related services.

Price/Volume 450

30.0 M

400

25.0 M

350 300

20.0 M

250

12/2012 01/yy 403.20 308.80 5'516'636.00 369.7 -8.31% 19.72% 61.65% 5'135.1 18'984.48 5'328.00 0.0 0.0 938.00 23'575.48

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

150

10.0 M

100

5.0 M

50 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 20'872.0 0.68x 2'613.0 5.43x (137.0) 241.82x

15.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CNA LN EQUITY YTD Change CNA LN EQUITY YTD % CHANGE

31.12.2009 31.12.2010 21'963.0 22'423.0 0.81x 0.92x 2'721.0 3'336.0 6.54x 6.19x 844.0 1'935.0 22.13x 9.11x Profitability

31.12.2011 22'824.0 0.81x 3'310.0 5.62x 421.0 33.64x

31.12.2012 23'942.0 0.91x 3'698.0 5.88x 1'273.0 13.56x 3'698.00 2'422.00 10.12% 10.20% 5.05% 18.48% 11.02% 1.17% 22.0% 15.8% 10.0% 5.3% 0.95 0.45 24.27% 89.89% 44.14

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.52 0.70 5'126.43 17.83% 15.78% 0.704 23 3.348 15'260'760 8'971'491 8'435'797 FY+2

12/13 Y 12/14 Y 25'551.2 28'282.8 0.94x 0.85x 4'127.0 4'373.1 5.71x 5.39x 1'425.6 1'489.0 13.20x 12.49x S&P Issuer Ratings

FQ+1

FQ+2

29.05.2009 ASTABLE 29.05.2009 A-2 7.44 3.83 1.14 1.34 89.9% 47.3% 1.17 3.29 8.27 20.79

Sales/Revenue/Turnover

10.00

30'000.0

9.00

25'000.0

8.00 7.00

20'000.0

6.00

15'000.0

5.00 4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Centrica PLC Holdings By:

All

Holder Name INVESCO LTD ABERDEEN BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS NEWTON INV MGMT FIL LIMITED VANGUARD GROUP INC BANK OF NEW YORK MEL NORGES BANK INVESTME UBS AG NORGES BANK PRUDENTIAL PLC STATE STREET CORP SCHRODER INVESTMENT WALTER SCOTT & PARTN PEOPLES REPUBLIC OF PERPETUAL INVESTMENT JP MORGAN CAPITAL GROUP COMPAN

Firm Name RBC Capital Markets JPMorgan Raymond James S&P Capital IQ AlphaValue Day by Day Exane BNP Paribas Morgan Stanley Goldman Sachs Deutsche Bank Liberum Capital Ltd Credit Suisse HSBC Kepler Cheuvreux Societe Generale Redburn Partners Barclays UBS EVA Dimensions Berenberg Bank Mirabaud Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst CAILEY BARKER EDMUND REID EMMANUEL RETIF CLIVE ROBERTS MYRIAM COHEN VALERIE GASTALDY IAIN TURNER BOBBY CHADA ANDREW MEAD MARTIN BROUGH PETER ATHERTON MARK FRESHNEY VERITY MITCHELL INGO BECKER ASHLEY THOMAS JAMIE TUNNICLIFFE PETER BISZTYGA STEPHEN HUNT DOUG WALTERS TEAM COVERAGE GUS HOCHSCHILD

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG MF-AGG REG ULT-AGG MF-AGG ULT-AGG ULT-AGG REG REG REG MF-AGG ULT-AGG ULT-AGG

Recommendation sector perform neutral underperform strong buy add hold underperform Equalwt/In-Line neutral/neutral buy buy underperform overweight reduce buy buy equalweight neutral overweight hold buy

Amt Held 258'200'185 247'804'357 213'114'775 210'219'442 176'661'116 175'772'868 146'581'320 145'744'098 135'620'521 115'670'650 114'115'879 113'058'384 105'915'795 104'242'006 93'158'901 79'150'586 78'284'584 77'000'595 76'235'846 73'437'520

% Out 5.03 4.83 4.15 4.09 3.44 3.42 2.85 2.84 2.64 2.25 2.22 2.2 2.06 2.03 1.81 1.54 1.52 1.5 1.48 1.43

Weighting

Change 3 3 1 5 4 3 1 3 3 5 5 1 5 2 5 5 3 3 5 3 5

M D M M M M M M M U N M M M M M U D M M M

Latest Chg (5'886'753) 10'876'793 (6'217'023) (10'147'041) (2'496'825) (7'192'343) 6'535'815 (9'552'273) 3'160'810 (1'123'837) (28'420) 2'869'659 (1'053'000) 2'283'630 (307'001) 10'715'199 21'205'520

Target Price 400 375 347 538 427 #N/A N/A 310 395 456 430 440 320 440 350 410 #N/A N/A 380 370 #N/A N/A 380 435

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.09.2013 31.08.2013 26.09.2013 31.07.2013 30.06.2013 01.05.2013 01.05.2013 30.06.2013 27.09.2013 01.05.2013 28.06.2013 31.12.2012 30.06.2013 27.09.2013 01.05.2013 01.05.2013 01.05.2013 31.01.2013 31.07.2013 30.06.2013

Date 12 month 3 month 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Government Unclassified Government Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 16.09.2013 10.09.2013 09.09.2013 09.09.2013 03.09.2013 23.08.2013 19.08.2013 15.08.2013 07.08.2013 01.08.2013 01.08.2013 16.07.2013 26.06.2013 06.06.2013 31.05.2013 25.02.2013

30.09.2013

Koninklijke Philips NV Koninklijke Philips N.V. manufactures medical systems, domestic appliances, consumer electronics, and lighting. The Company produces imaging, ultrasound and healthcare informatics equipment, shaving and beauty and health and wellness products, displays, and peripherals, and lamps and luminaries.

Price/Volume 30

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PHIA NA EQUITY YTD Change PHIA NA EQUITY YTD % CHANGE

12/2012 06/yy 25.48 18.05 1'673'316.00 23.66 -7.10% 31.08% 81.02% 937.8 22'189.43 4'534.00 0.0 34.0 3'834.00 24'331.43

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 o-12

31.12.2009 31.12.2010 20'092.0 22'287.0 0.95x 0.92x 2'055.0 3'436.0 9.30x 5.98x 410.0 1'446.0 41.36x 14.60x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 22'579.0 0.70x 1'185.0 13.35x (1'295.0) -

31.12.2012 24'788.0 0.76x 2'463.0 7.69x 226.0 71.05x 2'463.00 1'030.00 4.16% 2.30% 1.01% 2.53% 2.93% 0.85% 38.0% 10.0% 4.4% 0.9% 1.26 0.82 15.59% 40.70% 5.56 3.83

Price/ Cash Flow

LTM

06/yy 22'983.0 2.65x 2'559.0 6.37x 196.0 28.71x

06/yy 24'200.0 3.35x 2'430.0 8.76x 289.0 64.57x

FY+1

1.11 886.34 35.10% 23.29% 1.115 34 4.029 2'509'813 3'482'876 3'249'352 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 23'888.0 25'092.7 5'883.5 7'092.3 0.97x 0.90x 3'247.5 3'641.9 920.0 1'220.0 7.48x 6.67x 1'369.8 1'622.6 309.0 582.0 15.41x 12.95x 14.60x 14.00x S&P Issuer Ratings

11.05.2005 ASTABLE 26.02.2001 A-2 7.00 5.08 0.87 1.82 40.7% 28.9% 0.85 8.15 65.68 95.20 68.69 76.69

Sales/Revenue/Turnover

35.00

35'000.0

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 26'385.0 0.51x 1'883.0 7.11x (91.0) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Koninklijke Philips NV Holdings By:

All

Holder Name SOUTHEASTERN ASSET M DODGE & COX DODGE & COX WORLDWID BLACKROCK NORGES BANK KONINKLIJKE PHILIPS HARRIS ASSOCIATES LP VANGUARD GROUP INC FRANKLIN RESOURCES FMR LLC AMUNDI ING INVESTMENT MANAG ARTISAN PARTNERS HOL AMERICAN CENTURY COM ONTARIO TEACHERS PEN ACHMEA BELEGGINSFOND T ROWE PRICE ASSOCIA ALLIANZ ASSET MANAGE PIONEER BARCLAYS PLC

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a #N/A N/A n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst

Kempen & Co ERWIN DUT RBC Capital Markets ANDREW CARTER Berenberg Bank WILLIAM MACKIE Rabobank International HANS SLOB AlphaValue THOMAS PICHERIT Societe Generale GAEL DE BRAY Credit Suisse SIMON TOENNESSEN Petercam MARCEL ACHTERBERG Nomura DANIEL CUNLIFFE S&P Capital IQ UNAI FRANCO Exane BNP Paribas OLIVIER ESNOU ABN Amro Bank N.V. ROBIN VAN DEN BROEK Deutsche Bank MARTIN WILKIE Morgan Stanley BEN UGLOW JPMorgan ANDREAS WILLI Independent Research GmbH MARKUS FRIEBEL Redburn Partners PHILIP WILSON Kepler Cheuvreux PETER OLOFSEN Espirito Santo Investment Bank Research ROB VIRDEE ING Bank FABIAN SMEETS Barclays DAVID VOS HSBC MICHAEL HAGMANN Theodoor Gilissen Securities JOS VERSTEEG Day by Day VALERIE GASTALDY Nord/LB WOLFGANG VASTERLING Canaccord Genuity Corp ANDREW BELL Landesbank Baden-Wuerttemberg VOLKER STOLL Natixis ARNAUD SCHMIT EVA Dimensions TIMOTHY STANISH UBS FREDRIC STAHL Hamburger Sparkasse MARCO GUENTHER Goldman Sachs AARON IBBOTSON Banco Sabadell GLEN SPENCER-CHAPMAN National Bank AG STEFFEN MANSKE Jyske Bank ROBERT JAKOBSEN

Source 13G 13G MF-AGG ULT-AGG Research Research MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG

Recommendation buy outperform buy buy add hold neutral hold buy buy neutral buy buy Equalwt/Cautious overweight hold buy buy buy buy overweight neutral buy hold hold hold hold not rated overweight buy sell neutral/neutral sell sell sell

Amt Held 48'050'713 46'061'138 44'824'944 29'322'465 27'964'120 22'824'691 12'728'170 11'041'192 10'692'923 9'392'607 6'966'224 6'364'005 5'659'143 5'264'176 4'800'000 4'714'444 4'213'052 3'335'035 3'094'981 2'911'837

% Out 5.12 4.91 4.78 3.13 2.98 2.43 1.36 1.18 1.14 1 0.74 0.68 0.6 0.56 0.51 0.5 0.45 0.36 0.33 0.31

Weighting

Change

5 5 5 5 4 3 3 3 5 5 3 5 5 3 5 3 5 5 5 5 5 3 5 3 3 3 3 #N/A N/A 5 5 1 3 1 1 1

M M M M M M M M M M M M M M M M M M M M M M M M M M U M M M M M M D M

Latest Chg 6'547'816 (791'801) 2'353'570 174'001 (3'073'900) 284'928 3'871'690 (53'817) 177'226 1'697'360 59'221 266'681 544'469 268'409 -

Target Price 28 28 30 27 29 24 26 26 32 29 27 28 27 27 28 26 #N/A N/A 27 30 30 30 26 29 #N/A N/A 25 20 24 #N/A N/A #N/A N/A 25 #N/A N/A 23 20 #N/A N/A 23

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.07.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 26.09.2013 Investment Advisor 26.09.2013 Government 19.09.2013 Corporation 30.06.2013 Investment Advisor 30.06.2013 Unclassified 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Unclassified 04.05.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month 6 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 15 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 30.09.2013 26.09.2013 26.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 09.09.2013 09.09.2013 09.09.2013 05.09.2013 28.08.2013 22.08.2013 20.08.2013 23.07.2013 23.07.2013 22.07.2013 17.07.2013 06.06.2013 14.05.2013 29.04.2013 22.04.2013 15.02.2013 03.04.2012 29.03.2010

30.09.2013

Swiss Re AG Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies.

Price/Volume

3.0 M 2.5 M

2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SREN VX EQUITY YTD Change SREN VX EQUITY YTD % CHANGE

12/2012 06/yy 76.50 54.55 486'542.00 74.7 -2.35% 36.94% 97.49% 370.7 27'691.81 19'898.00 0.0 24.0 10'837.00 38'515.08

1.5 M

30 20

1.0 M

.5 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

70 60

Valuation Analysis

31.12.2008 24'011.8 1.03x (800.3) -

31.12.2009 31.12.2010 30'624.0 28'484.0 0.50x 1.13x 467.4 863.0 33.44x 21.30x Profitability

LTM-4Q 31.12.2011 27'797.0 1.02x 2'626.0 6.64x

31.12.2012 33'116.0 1.02x 4'201.0 6.09x 17.37% 16.51% 2.28% 16.76% 11.64% 0.16% 12.7% 9.22% 58.52% -

Price/ Cash Flow

LTM

06/yy 29'270.0 4.00x 0.0 0.00x 3'555.0 6.04x

06/yy 35'501.0 3.82x 0.0 0.00x 5'122.0 5.07x

FY+1

1.08 369.70 36.23% 24.97% 1.083 35 3.686 763'079 875'093 874'938 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 33'920.4 35'844.9 1.13x 1.07x 3'472.2 3'044.5 646.0 717.0 8.35x 9.73x S&P Issuer Ratings

58.5% 36.9% 0.16 -

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0 8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Swiss Re AG Holdings By:

All

Holder Name SWISS RE FRANKLIN RESOURCES BLACKROCK BERKSHIRE HATHAWAY I SUN LIFE FINANCIAL I DODGE & COX NORGES BANK CREDIT SUISSE AG VANGUARD GROUP INC UBS AG JP MORGAN PICTET FUNDS DIMENSIONAL FUND ADV SWISSCANTO FONDSLEIT HARTFORD INVESTMENT DB PLATINUM ADVISORS ARTISAN PARTNERS HOL SARASIN BESSEMER GROUP INCOR PRUDENTIAL FINANCIAL

Firm Name Sanford C. Bernstein & Co Berenberg Bank AlphaValue HSBC Exane BNP Paribas Canaccord Genuity Corp Morgan Stanley Oddo & Cie Goldman Sachs Bank am Bellevue JPMorgan Mediobanca SpA Commerzbank Corporates & Markets Bank Vontobel AG RBC Capital Markets Keefe, Bruyette & Woods Zuercher Kantonalbank S&P Capital IQ Main First Bank AG Helvea Bankhaus Metzler Day by Day Credit Suisse Nord/LB Societe Generale Hamburger Sparkasse DZ Bank AG Landesbank Baden-Wuerttemberg Bryan Garnier & Cie Nomura Kepler Cheuvreux Barclays EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst THOMAS SEIDL TOM CARSTAIRS DIETER HEIN THOMAS FOSSARD THOMAS JACQUET BEN COHEN MACIEJ WASILEWICZ NICOLAS JACOB VINIT MALHOTRA ANDREAS FRICK MICHAEL HUTTNER GIANLUCA FERRARI FRANK KOPFINGER STEFAN SCHUERMANN KAMRAN HOSSAIN WILLIAM HAWKINS GEORG MARTI RODERICK WALLACE RENE LOCHER DANIEL BISCHOF JOCHEN SCHMITT VALERIE GASTALDY ADAM MCINALLY JULIA SIEKMANN JASON KALAMBOUSSIS CHRISTIAN HAMANN THORSTEN WENZEL WERNER SCHIRMER OLIVIER PAUCHAUT MICHAEL KLIEN FABRIZIO CROCE ANDREW BROADFIELD DOUG WALTERS

Source EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG EXCH MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation underperform hold reduce neutral outperform buy Equalwt/In-Line buy neutral/neutral buy neutral neutral buy buy underperform market perform market perform buy outperform hold buy buy neutral buy buy buy sell hold buy reduce buy overweight buy

Amt Held 27'282'124 18'277'452 15'211'387 11'262'000 11'155'812 11'104'278 6'819'188 5'185'849 4'177'389 3'687'176 2'924'453 2'278'238 1'561'670 1'376'961 1'373'191 1'365'000 1'125'402 1'015'044 819'676 800'145

% Out 7.36 4.93 4.1 3.04 3.01 3 1.84 1.4 1.13 0.99 0.79 0.61 0.42 0.37 0.37 0.37 0.3 0.27 0.22 0.22

Weighting

Change 1 3 2 3 5 5 3 5 3 5 3 3 5 5 1 3 3 5 5 3 5 5 3 5 5 5 1 3 5 2 5 5 5

M M M M U M M M M M M M M M M M M M M M M U M M M M M M M M M M M

Latest Chg (1'396'672) (836'269) 57'626 (148'747) (4'846'173) 22'979 310'278 (22'549) 3'138 (144'763) 631'716 (400'000) 1'125'402 (641'603) 42'048

Target Price 53 71 70 83 88 80 78 82 78 89 80 78 87 85 70 83 #N/A N/A 85 78 78 87 90 72 84 95 #N/A N/A 70 72 85 67 93 80 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.03.2012 28.06.2013 26.09.2013 31.12.2012 31.07.2013 06.05.2013 31.12.2012 31.05.2013 30.06.2013 28.06.2013 31.07.2013 31.05.2013 31.07.2013 28.03.2013 31.08.2013 31.07.2013 31.03.2013 31.07.2013 30.04.2013 31.08.2013

Date 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 3 month 12 month 6 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 3 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 26.09.2013 26.09.2013 26.09.2013 25.09.2013 23.09.2013 20.09.2013 18.09.2013 18.09.2013 13.09.2013 13.09.2013 13.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 06.09.2013 23.08.2013 16.08.2013 13.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 06.08.2013 22.07.2013 06.06.2013

30.09.2013

UniCredit SpA UniCredit SpA attracts deposits and offers commercial banking services. The Bank offers consumer credit, mortgages, life insurance, business loan, investment banking, asset management, and other services. UniCredit operates worldwide.

Price/Volume 6

250.0 M

200.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (27.03.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UCG IM EQUITY YTD Change UCG IM EQUITY YTD % CHANGE

12/2012 06/yy 5.00 3.16 80'114'387.00 4.68 -6.33% 47.91% 87.77% 5'789.2 27'112.17 329'783.21 0.0 3'669.0 72'192.45 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

100.0 M

50.0 M

1 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 65'266.9 4'011.8 5.74x

150.0 M

Valuation Analysis

31.12.2009 31.12.2010 47'278.6 41'223.4 1'702.3 1'323.3 23.66x 24.19x Profitability

LTM-4Q 31.12.2011 41'968.2 (9'206.4) -

31.12.2012 41'523.0 864.9 20.31x 0.98% -1.20% 0.06% 0.97% 0.24% 0.03% 3.2% 35.58% 525.27% -

LTM

06/yy 25'216.0 0.00x 0.0 0.00x (9'444.0) 0.00x

06/yy 24'342.0 0.00x 0.0 0.00x 592.0 29.45x

FY+1

1.52 4'894.81 47.79% 28.89% 1.525 39 3.000 72'117'280 78'834'040 76'588'220 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 24'484.9 24'875.5 6'009.0 6'136.0 1'157.2 2'169.3 23.04x 12.55x S&P Issuer Ratings

12.07.2013 BBB NEG 10.02.2012 A-2 525.3% 83.2% 0.03 2.06 -

Sales/Revenue/Turnover

70'000.0 60'000.0 50'000.0

0.80

40'000.0 0.60

30'000.0

0.40

20'000.0 10'000.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

UniCredit SpA Holdings By:

All

Holder Name AABAR LUX SARL PGFF LUX SARL FONDAZIONE CASSA RIS CARIMONTE HOLDING SP CAPITAL GROUP COMPAN CENTRAL BANK OF LIBY FONDAZIONE CASSA RIS DELFIN SARL DODGE & COX FRANKLIN RESOURCES NORGES BANK VANGUARD GROUP INC BLACKROCK ALLIANZ SPA ALLIANZ FINANCE IV L SUN LIFE FINANCIAL I NEW YORK LIFE INVEST AMUNDI T ROWE PRICE ASSOCIA INVESCO LTD

Firm Name Exane BNP Paribas Barclays AlphaValue Nomura Goldman Sachs Banca IMI Banca Akros(ESN) Societe Generale Mediobanca SpA Berenberg Bank Day by Day JPMorgan Keefe, Bruyette & Woods Deutsche Bank Oddo & Cie ICBPI EVA Dimensions Macquarie Hamburger Sparkasse Credit Suisse HSBC Independent Research GmbH Equita SIM SpA Natixis S&P Capital IQ Main First Bank AG Grupo Santander UBS Landesbank Baden-Wuerttemberg Kepler Cheuvreux DZ Bank AG RBC Capital Markets Morgan Stanley Redburn Partners Centrobanca Intermonte Securities SpA Nord/LB Hammer Partners SA Banco Sabadell

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst ANDREA VERCELLONE ANTONIO RIZZO DAVID GRINSZTAJN DARAGH QUINN JEAN-FRANCOIS NEUEZ MANUELA MERONI LUIGI TRAMONTANA CARLO TOMMASELLI ANDREA FILTRI ELENI PAPOULA VALERIE GASTALDY MARTA BASTONI DOMENICO SANTORO PAOLA SABBIONE JULIE LEGRAND LUCA COMI DOUG WALTERS BENJIE CREELAN-SANDFORD CHRISTIAN HAMANN IGNACIO CEREZO CARLO DIGRANDI STEFAN BONGARDT GIOVANNI RAZZOLI STEVEN GOULD WILLIAM HOWLETT ALDO COMI TANIA GOLD MATTEO RAMENGHI WERNER SCHIRMER ANNA MARIA BENASSI CHRISTOPH BAST ANKE REINGEN FRANCESCA TONDI GEORGE KARAMANOS GUGLIELMO MARCO OPIPARI CHRISTIAN CARRESE MICHAEL SEUFERT ENRICO RACIOPPI MARIO LODOS

Source Research Research Research Research ULT-AGG Research Research Research MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG Research Research ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation underperform equalweight add reduce Buy/Neutral hold accumulate buy outperform sell hold overweight market perform buy reduce sell underweight outperform hold neutral neutral hold buy neutral sell outperform underweight neutral sell hold sell underperform Overwt/In-Line neutral overvalued outperform sell sell Under Review

Amt Held 376'220'171 289'992'198 204'516'549 173'381'885 167'732'914 152'258'925 145'082'905 116'031'602 113'543'136 108'704'605 103'612'982 95'442'736 93'706'940 68'982'379 42'130'178 28'753'553 25'667'653 22'995'208 22'950'035 22'107'147

% Out 6.5 5.01 3.53 2.99 2.9 2.63 2.51 2 1.96 1.88 1.79 1.65 1.62 1.19 0.73 0.5 0.44 0.4 0.4 0.38

Weighting

Change

1 3 4 2 5 3 4 5 5 1 3 5 3 5 2 1 1 5 3 3 3 3 5 3 1 5 1 3 1 3 1 1 5 3 1 5 1 1 #N/A N/A

M M D M M M M M M M M U M M M M D M M M M M M M M M M M M M M M M M U M M M M

Latest Chg (13'092'851) (16'275'326) 4'264'278 (26'717'440) 1'030'704 25'410'150 13'652'211 5'191'825 2'056'390

Target Price 4 5 6 3 6 4 5 5 5 3 #N/A N/A 6 5 6 4 4 #N/A N/A 5 #N/A N/A 5 5 5 6 4 4 5 3 5 4 4 3 3 6 #N/A N/A 3 5 #N/A N/A 2 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 07.05.2013 07.05.2013 07.05.2013 07.05.2013 30.06.2013 07.05.2013 07.05.2013 07.05.2013 30.06.2013 28.06.2013 31.12.2012 30.06.2013 26.09.2013 07.05.2013 07.05.2013 31.07.2013 31.07.2013 30.04.2013 30.06.2013 27.09.2013

Date Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 15 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Other Other Bank Investment Advisor Investment Advisor Government Corporation Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Insurance Company Other Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 25.09.2013 18.09.2013 18.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 11.09.2013 10.09.2013 06.09.2013 06.09.2013 05.09.2013 04.09.2013 03.09.2013 23.08.2013 14.08.2013 13.08.2013 12.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 14.05.2013 13.05.2013 10.05.2013 08.05.2013 11.03.2013 15.01.2013 23.10.2012 19.06.2012 05.03.2012

30.09.2013

Deutsche Post AG Deutsche Post AG provides mail delivery and other services to the public and businesses. The Company offers domestic mail delivery, international parcel and mail delivery services, and freight delivery and logistics services. Deutsche Post also provides a variety of financial services including standard banking services, retail and commercial lending, and brokerage services.

Price/Volume

60.0 M 50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DPW GY EQUITY YTD Change DPW GY EQUITY YTD % CHANGE

12/2012 06/yy 24.82 14.40 2'166'919.00 24.49 -1.41% 70.07% 98.51% 1'209.0 29'608.80 4'816.00 0.0 213.0 2'652.00 32'831.80

30.0 M

20.0 M

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

25 20

Valuation Analysis

31.12.2008 54'474.0 0.37x 2'052.0 9.72x (1'688.0) -

31.12.2009 31.12.2010 46'201.0 51'481.0 0.45x 0.36x 2'047.0 3'495.0 10.15x 5.29x 644.0 2'541.0 79.32x 6.05x Profitability

LTM-4Q 31.12.2011 52'829.0 0.30x 3'667.0 4.35x 1'163.0 12.38x

31.12.2012 55'512.0 0.40x 3'939.0 5.70x 1'658.0 12.12x 3'939.00 2'895.00 5.22% 4.03% 5.40% 18.27% 1.63% 7.3% 4.9% 3.0% 0.97 0.72 14.11% 40.30% -

Price/ Cash Flow

LTM

06/yy 54'315.0 1.19x 4'061.0 4.48x 1'285.0 13.10x

06/yy 55'509.0 1.68x 4'060.0 6.49x 1'844.0 12.58x

FY+1

0.87 954.92 66.78% 52.71% 0.865 33 3.939 7'039'631 5'970'488 4'638'630 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'033.9 59'461.5 14'438.2 15'426.0 0.57x 0.54x 2.27x 2.09x 4'245.0 4'577.1 1'002.0 1'167.0 7.74x 7.18x 7.53x 7.38x 1'843.5 2'008.1 441.0 562.3 16.23x 15.10x 15.80x 15.72x S&P Issuer Ratings

27.11.2012 NR 27.11.2012 NR 6.14 3.58 0.75 1.27 40.3% 28.4% 1.63 8.57 -

Sales/Revenue/Turnover

800.00

70'000.0

700.00

60'000.0

600.00

50'000.0

500.00

40'000.0

400.00

30'000.0

300.00

20'000.0

200.00

10'000.0

100.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Deutsche Post AG Holdings By:

All

Holder Name KREDITANSTALT FUER W BLACKROCK NORGES BANK DEUTSCHE BANK AG VANGUARD GROUP INC DEKABANK DEUTSCHE GI ARTISAN PARTNERS HOL UNION INVESTMENT GMB ALLIANZ ASSET MANAGE FMR LLC BANK OF NEW YORK MEL ARTEMIS INVESTMENT M FRANKFURT TRUST INVE DB PLATINUM ADVISORS INVESCO LTD ADIG INVESTMENT HENDERSON GROUP PLC MERCURY ASSET MANAGE DWS INVESTMENTS MAINFIRST SICAV

Firm Name Goldman Sachs Independent Research GmbH AlphaValue JPMorgan Cantor Fitzgerald Bankhaus Metzler Equinet Institutional Services(ESN) Stifel Day by Day RBC Capital Markets Credit Suisse Landesbank Baden-Wuerttemberg Morgan Stanley Calamatta Cuschieri Deutsche Bank National Bank AG Main First Bank AG Commerzbank Corporates & Markets EVA Dimensions HSBC Nord/LB Bankhaus Lampe Nomura DZ Bank AG Telsey Advisory Group S&P Capital IQ Redburn Partners UBS Macquarie Hamburger Sparkasse Barclays Kepler Cheuvreux Davy Thompson, Davis & Company

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOHN WOODMAN ZAFER RUZGAR HEINZ STEFFEN CHRISTOPHER G COMBE ROBIN BYDE GUIDO HOYMANN JOCHEN ROTHENBACHER DAVID G ROSS VALERIE GASTALDY DAMIAN BREWER NEIL GLYNN PER-OLA HELLGREN PENNY BUTCHER TEAM COVERAGE ANDY CHU MARKUS GLOCKENMEIER TOBIAS SITTIG JOHANNES BRAUN TIMOTHY STANISH JULIA WINARSO VOLKER SACK SEBASTIAN HEIN MARK MCVICAR DIRK SCHLAMP JOSHUA HERRITY JAWAHAR HINGORANI TIM MARSHALL DOMINIC EDRIDGE ROBERT JOYNSON INGO SCHMIDT SUSANNA INVERNIZZI ANDRE MULDER STEPHEN FURLONG DAVID P CAMPBELL

Source Research ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Buy/Neutral hold reduce overweight hold buy hold hold hold outperform outperform hold Overwt/In-Line overweight buy buy outperform buy underweight underweight buy buy buy buy no rating system buy neutral neutral underperform sell overweight buy outperform hold

Amt Held 254'100'000 72'276'302 21'632'939 21'609'754 12'112'601 10'868'995 10'193'761 9'448'034 7'753'080 7'413'037 5'657'326 5'646'936 4'997'600 4'536'567 4'441'844 4'391'758 4'023'554 2'737'960 2'660'828 2'552'215

% Out 21.02 5.98 1.79 1.79 1 0.9 0.84 0.78 0.64 0.61 0.47 0.47 0.41 0.38 0.37 0.36 0.33 0.23 0.22 0.21

Weighting

Change

5 3 2 5 3 5 3 3 3 5 5 3 5 5 5 5 5 5 1 1 5 5 5 5 #N/A N/A 5 3 3 1 1 5 5 5 3

M M M M M M M M M M M D M M M M M M D M M M M M M U M M M D M M M M

Latest Chg 429'425 (310'441) (666'347) 4'141'059 1'427'231 1'225'625 345'493 (253'416) 301'405 265'000 17'000 2'041'584 3'521'139 (50'000) (20'439) 6'184 (466'176) (776'459)

Target Price 29 26 24 27 23 28 24 #N/A N/A #N/A N/A 24 24 24 26 28 25 26 23 25 #N/A N/A 20 24 24 24 23 21 24 #N/A N/A 21 15 #N/A N/A 21 21 #N/A N/A 19

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.07.2013 26.09.2013 31.12.2012 31.07.2013 30.06.2013 30.09.2013 31.03.2013 31.03.2013 31.07.2013 31.07.2013 27.09.2013 31.12.2012 28.06.2013 31.07.2013 27.09.2013 31.05.2013 30.08.2013 26.09.2013 28.06.2013 31.03.2013

Date 12 month 12 month 6 month 15 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Government Investment Advisor Government Investment Advisor Unclassified Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 26.09.2013 25.09.2013 23.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 13.09.2013 11.09.2013 10.09.2013 05.09.2013 02.09.2013 02.09.2013 30.08.2013 13.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 05.08.2013 30.07.2013 26.07.2013 17.05.2013 03.04.2013 10.11.2011 13.09.2010

30.09.2013

Iberdrola SA Iberdrola S.A. generates, distributes, trades, and markets electricity in the United Kingdom, United States, Spain, Portugal, and Latin America. The Company specializes in clean energy and more specifically wind power.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IBE SQ EQUITY YTD Change IBE SQ EQUITY YTD % CHANGE

12/2012 06/yy 4.36 3.39 19'737'843.00 4.292 -1.40% 26.72% 98.04% 6'240.0 26'781.97 32'884.10 0.0 324.8 6'575.55 53'260.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 25'891.9 30'431.0 2.39x 1.90x 6'197.0 6'857.9 10.00x 8.42x 2'824.3 2'870.9 12.54x 10.95x Profitability

300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M n-12

LTM-4Q 31.12.2011 31'648.0 1.76x 7'000.4 7.95x 2'804.5 10.04x

31.12.2012 34'201.2 1.52x 7'177.7 7.25x 2'840.7 9.14x 7'177.74 3'828.04 11.19% 8.99% 3.09% 8.04% 0.39% 36.8% 17.6% 7.9% 8.3% 1.11 0.92 33.97% 97.41% 7.11 10.57

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 33'590.6 6.73x 6'901.5 7.28x 3'004.0 7.33x

06/yy 34'542.6 5.88x 6'089.8 8.43x 2'767.6 9.10x

a-13 m-13

j-13

a-13

s-13

FY+1

1.06 5'275.09 31.12% 10.27% 1.064 36 2.944 21'182'670 28'986'480 37'190'400 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 34'282.2 34'406.4 1.59x 1.53x 7'465.9 7'403.5 7.13x 7.19x 2'526.2 2'432.0 658.0 658.0 10.57x 11.36x S&P Issuer Ratings

28.11.2012 BBB STABLE 26.11.2007 A-2 4.82 2.20 4.31 5.10 97.4% 49.1% 0.39 51.31 34.54 78.30 -6.92

Sales/Revenue/Turnover

8.00

40'000.0

7.00

35'000.0

6.00

30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 01.01.2010

350.0 M

Fiscal Year Ended 31.12.2008 25'196.2 2.50x 6'412.5 9.81x 2'860.6 11.20x

5 5 4 4 3 3 2 2 1 1 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Iberdrola SA Holdings By:

All

Holder Name QATAR INVESTMENT AUT ACS ACTIVIDADES CONS BANCAJA (VALENCIA CA BILBAO BIZKAIA KUTXA NATIXIS SOCIETE GENERALE BLACKROCK NORGES BANK VANGUARD GROUP INC AMUNDI PICTET FUNDS LBPAM FMR LLC UBS AG PRIVAT BANK PATRIMON MERCURY ASSET MANAGE DE URRUTIA VAL VICTO UNION INVESTMENT LUX JP MORGAN IBERDROLA SA

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst

Grupo Santander BOSCO MUGUIRO BPI GONZALO SANCHEZ-BORDONA BBVA ISIDORO DEL ALAMO NMAS 1 Agencia de Valores FERNANDO LAFUENTE Macquarie JOSE RUIZ Banco Sabadell JORGE GONZALEZ SADORNIL Kepler Cheuvreux JOSE PORTA SAUDAN UBS ALBERTO GANDOLFI Day by Day VALERIE GASTALDY Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS Mediobanca SpA JAVIER SUAREZ Goldman Sachs FRED BARASI Exane BNP Paribas MANUEL PALOMO Morgan Stanley CAROLINA DORES Credit Suisse STEFANO BEZZATO Ahorro Corporacion Financiera SA LUIS PADRON EVA Dimensions DOUG WALTERS Barclays MONICA GIRARDI Societe Generale JORGE ALONSO SUILS Deutsche Bank VIRGINIA SANZ DE MADRID Landesbank Baden-Wuerttemberg ERKAN AYCICEK Independent Research GmbH SVEN DIERMEIER Bankia Bolsa (ESN) VICTOR PEIRO PEREZ Natixis PHILIPPE OURPATIAN S&P Capital IQ CLIVE ROBERTS HSBC ADAM DICKENS Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA La Caixa FERNANDO MURILLO GUIRAO Berenberg Bank TEAM COVERAGE Investec HAROLD HUTCHINSON Banesto Bolsa SA Sociedad ANTONIO CRUZ JPMorgan JAVIER GARRIDO BCP Investimento VANDA MESQUITA Renta 4 SA SVB NATALIA AGUIRRE Nord/LB HEINO HAMMANN

Source Co File Co File EXCH EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG EXCH MF-AGG ULT-AGG EXCH

Recommendation buy neutral market perform neutral underperform sell buy neutral hold overweight underperform neutral/neutral underperform Underwt/In-Line outperform hold underweight underweight buy hold hold sell buy neutral sell underweight buy neutral overweight hold hold buy underweight buy hold hold

Amt Held 514'250'814 415'111'949 314'887'559 309'430'747 299'440'779 202'239'009 189'860'019 107'376'395 54'317'749 36'290'891 28'831'077 21'601'399 21'143'677 17'237'654 16'928'861 14'538'205 14'465'535 13'007'128 10'728'658 10'623'575

% Out 8.24 6.65 5.05 4.96 4.8 3.24 3.04 1.72 0.87 0.58 0.46 0.35 0.34 0.28 0.27 0.23 0.23 0.21 0.17 0.17

Weighting

Change 5 3 3 3 1 1 5 3 3 5 1 3 1 1 5 3 1 1 5 3 3 1 5 3 1 1 5 3 5 3 3 5 1 5 3 3

M M M M M M M M M U M M M M M M D M M M M D M M D D M D M M N M D M M M

Latest Chg (13'299'908) (27'245'778) 645'571 3'083'135 (472'279) 416'237 4'014'702 (2'299'729) (32'383) 73 32'836 1'000'000 (207'572) (2'115'142) -

Target Price 5 5 4 5 4 4 5 4 #N/A N/A 5 4 5 4 4 5 5 #N/A N/A 4 4 4 4 4 5 4 3 4 5 4 4 4 4 6 4 5 5 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 24.05.2013 24.01.2013 19.07.2013 17.06.2013 26.09.2013 31.12.2012 30.06.2013 31.08.2013 31.05.2013 28.03.2013 31.07.2013 27.09.2013 30.06.2013 26.09.2013 27.02.2013 28.03.2013 31.07.2013 23.07.2013

Date Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 3 month Not Provided Not Provided Not Provided

Inst Type Government Corporation Bank Bank Investment Advisor Bank Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Corporation

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 23.09.2013 19.09.2013 16.09.2013 13.09.2013 09.09.2013 04.09.2013 30.08.2013 14.08.2013 13.08.2013 02.08.2013 30.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 17.07.2013 17.07.2013 15.07.2013 12.06.2013 07.06.2013 13.05.2013 03.04.2013 25.03.2013 20.12.2012 21.09.2012 05.06.2012

30.09.2013

Vinci SA Vinci SA builds roads, offers electrical, mechanical, and civil engineering and construction services, and operates toll roads. The Company builds and maintains roads and produces road construction materials, builds electricity and communications networks, installs fire protection and power and ventilation systems, and operates toll highways, bridges, parking garages, and a stadium.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DG FP EQUITY YTD Change DG FP EQUITY YTD % CHANGE

12/2012 06/yy 43.50 31.84 819'923.00 42.65 -1.95% 33.97% 97.69% 600.4 25'607.42 20'193.80 0.0 735.4 6'516.10 40'313.42

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 31'177.7 34'002.8 1.09x 1.07x 4'813.1 5'165.6 7.03x 7.01x 1'596.0 1'775.9 12.07x 12.14x Profitability

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-12

LTM-4Q 31.12.2011 37'646.1 0.86x 5'445.9 5.93x 1'904.3 9.59x

31.12.2012 39'183.2 0.86x 5'507.8 6.12x 1'916.7 10.07x 5'507.80 3'568.90 9.11% 7.64% 3.05% 14.41% 7.09% 0.64% 13.8% 9.0% 4.9% 0.87 0.46 32.79% 151.44% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 37'205.8 0.00x 0.0 0.00x 0.0 0.00x

06/yy 39'403.0 0.00x 0.0 0.00x 0.0 0.00x

a-13

m-13

j-13

a-13

s-13

FY+1

1.11 527.18 35.50% 22.82% 1.111 28 4.214 1'354'731 1'350'783 1'361'007 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 39'686.8 40'205.6 1.00x 0.96x 5'528.3 5'755.8 7.30x 7.01x 1'900.3 2'010.6 12.42x 11.77x S&P Issuer Ratings

29.03.2007 BBB+ STABLE 24.04.2001 A-2 7.58 4.83 2.57 3.90 151.4% 58.9% 0.64 8.58 -

Sales/Revenue/Turnover

8.00

45'000.0

7.00

40'000.0

6.00

35'000.0 30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 01.01.2010

7.0 M

Fiscal Year Ended 31.12.2008 33'930.3 0.90x 5'009.2 6.09x 1'591.4 8.85x

50 45 40 35 30 25 20 15 10 5 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Vinci SA Holdings By:

All

Holder Name VINCI SA COMET LUXEMBOURG HLD CAPITAL GROUP COMPAN NORGES BANK BLACKROCK ARTEMIS SA FRANKLIN RESOURCES VANGUARD GROUP INC AMUNDI FIL LIMITED NATIXIS ASSET MANAGE AVIVA PLC PICTET FUNDS COMMONWEALTH BANK OF THORNBURG INVESTMENT COHEN & STEERS CAPIT LBPAM UBS AG MERCURY ASSET MANAGE DNCA FINANCE

Firm Name Raymond James BPI RBC Capital Markets Aurel - BGC Oddo & Cie Bryan Garnier & Cie Exane BNP Paribas AlphaValue Natixis UBS CM - CIC Securities(ESN) Goldman Sachs JPMorgan Day by Day Societe Generale EVA Dimensions Morgan Stanley Hamburger Sparkasse HSBC Landesbank Baden-Wuerttemberg Deutsche Bank Independent Research GmbH Kepler Cheuvreux S&P Capital IQ Berenberg Bank Banco Sabadell Barclays Nord/LB

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Source Research Research ULT-AGG MF-AGG ULT-AGG Research ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation

ARNAUD PALLIEZ FILIPE MARTINS LEITE OLIVIA PETERS ERIC LEMARIE VIRGINIE ROUSSEAU SVEN EDELFELT NICOLAS MORA GAETAN DUPONT GREGOIRE THIBAULT GREGOR KUGLITSCH JEAN-CHRISTOPHE LEFEVRE-MOULENQ JAMES RUTLAND ELODIE RALL VALERIE GASTALDY MURIEL FELLOUS TIMOTHY STANISH JAIME ROWBOTHAM INGO SCHMIDT PIERRE BOSSET HANS-PETER KUHLMANN LUIS PRIETO CHRISTOPH SCHOENDUBE JOSEP PUJAL JAWAHAR HINGORANI CHRIS MOORE MARIA CEBOLLERO SUSANNA INVERNIZZI HEINO HAMMANN

outperform buy sector perform buy buy buy outperform buy buy buy buy neutral/neutral overweight hold buy underweight Overwt/In-Line sell neutral hold buy hold buy hold buy buy overweight buy

Amt Held 40'940'297 31'714'315 13'424'461 11'686'234 8'808'195 8'072'735 7'031'544 6'701'483 5'530'826 4'220'751 3'208'736 2'635'725 2'561'450 2'339'290 2'187'300 1'878'935 1'797'904 1'728'752 1'521'772 1'440'000

% Out 6.82 5.28 2.24 1.95 1.47 1.34 1.17 1.12 0.92 0.7 0.53 0.44 0.43 0.39 0.36 0.31 0.3 0.29 0.25 0.24

Weighting

Change 5 5 3 5 5 5 5 5 5 5 5 3 5 3 5 1 5 1 3 3 5 3 5 3 5 5 5 5

M M M M M M M M M M M D M M M D M D M M M M M D N M M M

Latest Chg 2'121'061 992'545 (868'029) 185'892 438'048 427'291 277'812 (37'255) 29'177 20'339 (860'000) 226'570 (128'944) (58'984) 3'436 115'000

Target Price 45 48 43 48 49 45 49 58 45 48 49 46 48 #N/A N/A 48 #N/A N/A 46 #N/A N/A 41 42 47 44 48 42 47 43 45 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 30.06.2013 31.12.2012 26.09.2013 31.12.2012 31.08.2013 30.06.2013 30.04.2013 31.03.2013 31.05.2013 30.08.2013 31.05.2013 31.05.2013 31.07.2013 30.06.2013 28.03.2013 27.09.2013 26.09.2013 28.03.2013

Date 12 month Not Provided 12 month 6 month Not Provided 6 month Not Provided 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Corporation Corporation Investment Advisor Government Investment Advisor Holding Company Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 18.09.2013 17.09.2013 17.09.2013 16.09.2013 03.09.2013 28.08.2013 08.08.2013 06.08.2013 02.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 24.06.2013 15.02.2013 23.01.2013 14.06.2012

30.09.2013

Assicurazioni Generali SpA Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance throughout the world. The Company offers life, health, accident, automobile, marine, aviation, transport, fire, general liability, and credit insurance and reinsurance.

Price/Volume 18

30.0 M

25.0 M

14 12

20.0 M

12/2012 06/yy 15.74 11.17 5'622'097.00 14.61 -7.12% 30.80% 82.93% 1'556.9 22'745.92 23'475.00 0.0 2'740.0 21'647.00 28'031.92

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

10.0 M

5.0 M

2 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 62'298.4 0.61x 860.9 30.45x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.08.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance G IM EQUITY YTD Change G IM EQUITY YTD % CHANGE

31.12.2009 31.12.2010 85'790.6 87'072.1 0.50x 0.40x 1'309.1 1'701.9 20.68x 12.92x Profitability

LTM-4Q 31.12.2011 73'481.8 0.22x 856.1 20.77x

31.12.2012 81'431.0 0.32x 90.0 171.75x 4.06% 2.01% 0.07% 1.84% 0.19% 0.1% 5.31% 118.39% -

LTM

06/yy 77'867.8 0.48x 0.0 0.00x 3'503.2 4.76x

06/yy 82'679.7 0.71x 0.0 0.00x 329.4 58.88x

FY+1

1.05 1'197.47 32.36% 7.79% 1.055 30 2.533 6'169'282 5'766'117 6'080'377 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 75'816.5 77'116.5 19'485.0 23'742.0 0.50x 0.49x 2'145.7 2'233.3 644.0 332.0 10.44x 9.91x S&P Issuer Ratings

ANEG 118.4% 51.0% 0.19 -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

60'000.0 50'000.0 40'000.0 30'000.0 20'000.0

0.20

10'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Assicurazioni Generali SpA Holdings By:

All

Holder Name MEDIOBANCA SPA CASSA DEPOSITI E PRE DEA PARTICIPATIONS S EFFETI SPA DELFIN SARL NORGES BANK BLACKROCK VANGUARD GROUP INC COMPASS SPA NEW YORK LIFE INVEST VM 2006 SRL AMUNDI MERCURY ASSET MANAGE PANTHEON 2000 SPA MARKETFIELD ASSET MA HARTFORD INVESTMENT CALTAGIRONE EDITORE UBS AG GAMMA SRL B&D FINANCE SA

Firm Name Banca IMI UBS JPMorgan Sanford C. Bernstein & Co AlphaValue Raymond James Oddo & Cie Banca Akros(ESN) ICBPI Mediobanca SpA Morgan Stanley Goldman Sachs Main First Bank AG Independent Research GmbH Exane BNP Paribas Hamburger Sparkasse Day by Day Societe Generale HSBC Equita SIM SpA Nomura Credit Suisse Keefe, Bruyette & Woods Landesbank Baden-Wuerttemberg S&P Capital IQ DZ Bank AG Kepler Cheuvreux Barclays EVA Dimensions Natixis

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a

Analyst ELENA PERINI JAMES SHUCK ANDREAS VAN EMBDEN THOMAS SEIDL JEROME CASSAGNE RAPHAEL CARUSO NICOLAS JACOB MARCO CAVALLERI ENRICO ESPOSTI GIANLUCA FERRARI MARCUS RIVALDI WILLIAM ELDERKIN FEDERICO SALERNO STEFAN BONGARDT NICCOLO DALLA PALMA CHRISTIAN HAMANN VALERIE GASTALDY NICK HOLMES KAILESH MISTRY MATTEO GHILOTTI MICHAEL KLIEN RICHARD BURDEN RALPH HEBGEN WERNER SCHIRMER RODERICK WALLACE THORSTEN WENZEL FABRIZIO CROCE CLAUDIA GASPARI DOUG WALTERS BENOIT VALLEAUX

Source Research Research Research Research Research MF-AGG ULT-AGG ULT-AGG Research MF-AGG Research MF-AGG MF-AGG Research MF-AGG MF-AGG Research ULT-AGG Research Research

Recommendation hold suspended coverage overweight underperform reduce underperform neutral hold neutral neutral Underwt/In-Line neutral/neutral outperform sell underperform hold hold hold neutral buy reduce underperform market perform sell strong sell sell buy suspended coverage sell neutral

Amt Held 194'048'687 69'779'061 35'185'336 33'488'344 31'168'603 27'290'953 18'035'613 14'251'215 14'198'684 7'010'670 6'196'356 4'010'293 3'857'353 3'502'965 3'499'885 3'335'333 3'144'884 3'022'631 2'958'059 2'693'391

% Out 12.46 4.48 2.26 2.15 2 1.75 1.16 0.92 0.91 0.45 0.4 0.26 0.25 0.23 0.22 0.21 0.2 0.19 0.19 0.17

Weighting

Change

3 #N/A N/A 5 1 2 1 3 3 3 3 1 3 5 1 1 3 3 3 3 5 2 1 3 1 1 1 5 #N/A N/A 1 3

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 37'833 844'812 1'338'532 1'446'160 8'712 3'499'885 2'269'413 (22'314) -

Target Price 16 #N/A N/A 18 10 14 13 14 15 15 15 13 17 17 14 15 #N/A N/A #N/A N/A 16 16 16 14 16 15 13 13 12 16 #N/A N/A #N/A N/A 14

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 13.05.2013 13.05.2013 13.05.2013 13.05.2013 13.05.2013 31.12.2012 26.09.2013 30.06.2013 13.05.2013 31.07.2013 13.05.2013 31.08.2013 26.09.2013 13.05.2013 31.12.2012 31.08.2013 13.05.2013 27.09.2013 13.05.2013 13.05.2013

Date 12 month Not Provided 3 month 12 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Bank Other Investment Advisor Corporation Investment Advisor Government Investment Advisor Unclassified Corporation Insurance Company Other Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Corporation Unclassified Holding Company Investment Advisor

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 18.09.2013 18.09.2013 17.09.2013 09.09.2013 05.09.2013 22.08.2013 16.08.2013 12.08.2013 09.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 04.07.2013 11.06.2013 06.06.2013 13.05.2013

30.09.2013

Enel SpA Enel S.p.A. generates, transmits, distributes, and trades electricity. The Company operates hydroelectric, geothermal, and other generating plants. Enel, through subsidiaries, also provides fixed-line and mobile telephone services, installs public lighting systems, and operates real estate, factoring, insurance, telecommunications, and Internet service provider businesses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (15.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENEL IM EQUITY YTD Change ENEL IM EQUITY YTD % CHANGE

12/2012 06/yy 3.30 2.28 32'565'886.00 2.82 -14.61% 23.58% 58.15% 9'403.4 26'517.47 66'539.00 0.0 16'387.0 9'891.00 103'169.47

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 o-12

31.12.2009 31.12.2010 62'498.0 71'943.0 1.85x 1.56x 15'883.0 16'768.0 7.29x 6.68x 5'586.0 4'390.0 5.90x 8.01x Profitability

LTM-4Q 31.12.2011 77'573.0 1.34x 17'110.0 6.06x 4'113.0 7.19x

31.12.2012 82'699.0 1.24x 16'150.0 6.35x 865.0 34.11x 16'150.00 7'735.00 9.35% 5.83% 0.42% 1.96% 0.48% 21.2% 9.1% 1.0% 1.09 0.61 38.76% 180.96% 6.88 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 81'042.0 5.03x 13'521.0 0.00x 3'396.0 6.92x

06/yy 82'853.0 4.83x 17'580.0 5.65x 724.0 29.39x

a-13 m-13

j-13

a-13

s-13

FY+1

0.98 6'465.37 8.88% -4.51% 0.983 32 3.375 38'546'200 37'221'680 35'739'290 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 82'404.5 81'826.1 1.03x 1.00x 16'030.4 15'579.9 6.44x 6.62x 2'980.8 2'887.3 8.81x 9.13x S&P Issuer Ratings

11.07.2013 BBB STABLE 14.12.2007 A-2 5.51 3.28 3.36 3.69 181.0% 55.6% 0.48 1.01 53.02 -

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0 60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 59'577.0 1.53x 13'722.0 6.63x 5'293.0 5.54x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Enel SpA Holdings By:

All

Holder Name MINISTERO DELL'ECONO NORGES BANK BLACKROCK VANGUARD GROUP INC PICTET FUNDS MERCURY ASSET MANAGE UBS AG AMUNDI CREDIT SUISSE AG ARCA SGR SPA STATE STREET CORP DEKABANK DEUTSCHE GI JP MORGAN ING INTERNATIONAL AD CAISSE DE DEPOT ET P FMR LLC EURIZON CAPITAL SGR JOHN HANCOCK INVESTM FIL LIMITED SCHRODER INVESTMENT

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Grupo Santander OSCAR NAJAR RIOS Mediobanca SpA JAVIER SUAREZ Independent Research GmbH SVEN DIERMEIER ICBPI SIMONA PEDRAZZINI AlphaValue MYRIAM COHEN Banca IMI ROBERTO RANIERI Banca Akros(ESN) DARIO MICHI Kepler Cheuvreux CLAUDIA INTROVIGNE Natixis PHILIPPE OURPATIAN Morgan Stanley ANNA MARIA SCAGLIA Societe Generale ALBERTO PONTI UBS ALBERTO GANDOLFI Exane BNP Paribas MANUEL PALOMO Credit Suisse STEFANO BEZZATO Investec HAROLD HUTCHINSON Deutsche Bank VIRGINIA SANZ DE MADRID Goldman Sachs DARIO CARRADORI S&P Capital IQ CLIVE ROBERTS Raymond James EMMANUEL RETIF Landesbank Baden-Wuerttemberg ERKAN AYCICEK Equita SIM SpA ROBERTO LETIZIA Main First Bank AG ENRICO BARTOLI Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA Day by Day VALERIE GASTALDY Barclays MONICA GIRARDI HSBC ADAM DICKENS EVA Dimensions DOUG WALTERS Berenberg Bank TEAM COVERAGE Centrobanca EDOARDO MONTALBANO JPMorgan JAVIER GARRIDO Banco Sabadell JORGE GONZALEZ SADORNIL Nord/LB HEINO HAMMANN

Source EXCH MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy neutral hold neutral add hold hold hold neutral Equalwt/In-Line buy buy underperform underperform add hold neutral/neutral buy market perform hold buy underperform buy hold equalweight neutral overweight hold hold underweight sell hold

Amt Held 2'937'984'993 165'932'693 112'277'066 75'048'890 63'693'207 18'398'963 18'271'670 18'162'066 14'493'075 12'846'204 12'760'458 12'139'504 11'174'054 9'405'910 8'671'396 8'173'551 7'391'078 7'228'734 6'976'194 6'946'862

% Out 31.24 1.76 1.19 0.8 0.68 0.2 0.19 0.19 0.15 0.14 0.14 0.13 0.12 0.1 0.09 0.09 0.08 0.08 0.07 0.07

Weighting

Change 5 3 3 3 4 3 3 3 3 3 5 5 1 1 4 3 3 5 3 3 5 1 5 3 3 3 5 3 3 1 1 3

M M M M D M M M M M M U M M U M M M M M U N U M M U U M M D M M

Latest Chg 148'940 206'307 908'593 41'556 (191'702) 4'000'527 (580'016) 34'518 (378'125) 1'380'573 (1'163'501) 1'138'042 449'113 47'123 6'032'265 3'033'429

Target Price 4 3 3 3 3 3 3 3 3 3 3 3 2 2 3 3 3 3 #N/A N/A 3 3 2 3 #N/A N/A 3 3 #N/A N/A 3 3 3 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 20.11.2012 31.12.2012 26.09.2013 30.06.2013 31.05.2013 26.09.2013 27.09.2013 31.08.2013 30.08.2013 28.06.2013 27.09.2013 30.09.2013 31.07.2013 28.03.2013 31.12.2012 31.07.2013 30.06.2013 31.08.2013 30.04.2013 30.08.2013

Date 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 3 month Not Provided Not Provided

Inst Type Government Government Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 09.09.2013 05.09.2013 04.09.2013 14.08.2013 07.08.2013 06.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 17.07.2013 15.07.2013 12.07.2013 12.06.2013 11.06.2013 06.06.2013 04.06.2013 03.04.2013 25.03.2013 03.08.2012 05.06.2012

30.09.2013

Pernod Ricard SA Pernod Ricard SA produces wines and spirits. The Company produces wines, bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and white spirits and rums. Pernod Ricard markets its products worldwide.

Price/Volume 120

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.03.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RI FP EQUITY YTD Change RI FP EQUITY YTD % CHANGE

06/2013 06/yy 101.15 82.31 214'770.00 91.75 -9.29% 11.47% 50.90% 265.4 24'352.43 8'865.00 0.0 168.0 620.00 32'765.43

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20 0 o-12

30.06.2010 30.06.2011 7'081.0 7'643.0 3.87x 3.54x 2'063.0 2'111.0 13.28x 12.82x 951.0 1'045.0 17.67x 17.08x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 30.06.2012 8'215.0 3.86x 2'295.0 13.82x 1'146.0 19.33x

30.06.2013 8'575.0 3.62x 1'208.0 19.01x 2'295.00 2'106.00 24.56% 19.10% 4.29% 10.89% 7.86% 0.31% 62.4% 28.8% 24.6% 14.1% 1.47 0.39 32.25% 79.27% 7.21 0.73

Price/ Cash Flow

LTM

06/yy 3'601.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 8'575.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.79 0.69 189.36 7.14% 5.88% 0.688 33 3.545 431'949 495'514 487'844 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 8'765.1 9'304.2 3.72x 3.42x 2'523.2 2'724.8 12.99x 12.03x 1'375.2 1'546.3 17.88x 15.92x S&P Issuer Ratings

03.10.2011 BBBSTABLE 03.10.2011 A-3 4.40 3.88 3.76 4.12 79.3% 43.9% 0.31 3.87 50.63 497.10 196.62 351.02

Sales/Revenue/Turnover

90.00

10'000.0

80.00

9'000.0

70.00

8'000.0 7'000.0

60.00

6'000.0

50.00 40.00

5'000.0 4'000.0

30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 02.07.2010

n-12

Fiscal Year Ended 30.06.2009 7'203.0 3.11x 2'187.0 10.26x 945.0 11.26x

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Pernod Ricard SA Holdings By:

All

Holder Name SOCIETE PAUL RICARD CAPITAL GROUP COMPAN GROUPE BRUXELLES LAM SUN LIFE FINANCIAL I FRANKLIN RESOURCES HARBOR CAPITAL ADVIS CREDIT AGRICOLE ASSE AMUNDI ASSET MANAGEM NORGES BANK INVESTME CAISSE DES DEPOTS ET BLACKROCK GARDNER RUSSO & GARD ARTISAN PARTNERS HOL NATIXIS ASSET MANAGE CARMIGNAC GESTION CITIGROUP GLOBAL MAR OPPENHEIMERFUNDS INC LANSDOWNE PARTNERS L NATIXIS ASSET MANAGE FMR LLC

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a GARDNER RUSSO & GARD n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

AlphaValue ISABELLE COMBEMALE Exane BNP Paribas JAVIER GONZALEZ LASTRA Liberum Capital Ltd PABLO ZUANIC Sanford C. Bernstein & Co TREVOR STIRLING RBC Capital Markets JAMES EDWARDES JONES Jefferies DIRK VAN VLAANDEREN Nomura IAN SHACKLETON HSBC CEDRIC BESNARD Canaccord Genuity Corp EDDY HARGREAVES Societe Generale NICOLAS CERON Grupo Santander ANTHONY J BUCALO JPMorgan MIKE J GIBBS Raymond James HERMINE DE BENTZMANN Natixis JOSEPHINE CHEVALLIER Barclays SIMON HALES CM - CIC Securities(ESN) FRANCIS PRETRE Berenberg Bank PHILIP MORRISEY Kepler Cheuvreux LAETITIA DELAYE S&P Capital IQ CARL SHORT BPI HUBERT D'AILLIERES Day by Day VALERIE GASTALDY Investec MARTIN DEBOO Goldman Sachs MITCHELL COLLETT Espirito Santo Investment Bank Research ALEX SMITH Deutsche Bank HAROLD THOMPSON Credit Suisse ALEX MOLLOY Redburn Partners CHRIS PITCHER EVA Dimensions CRAIG STERLING Shore Capital Stockbrokers PHIL CARROLL UBS MELISSA EARLAM Aurel - BGC JEAN-MARIE L'HOME Equita SIM SpA FABIO FAZZARI

Source Co File ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG Co File Co File Co File Co File ULT-AGG 13F Co File Co File MF-AGG Co File MF-AGG Co File MF-AGG ULT-AGG

Recommendation add outperform sell market perform outperform hold neutral overweight sell hold buy neutral market perform buy overweight accumulate buy hold buy buy hold hold buy/attractive buy sell outperform neutral underweight hold buy hold hold

Amt Held 34'866'200 29'135'823 19'890'770 13'325'933 6'613'838 5'884'013 5'615'014 5'468'037 5'310'761 5'270'298 4'236'036 4'146'182 3'710'368 3'110'259 2'909'000 2'898'012 2'812'862 2'786'833 2'736'301 2'733'167

% Out 13.14 10.98 7.49 5.02 2.49 2.22 2.12 2.06 2 1.99 1.6 1.56 1.4 1.17 1.1 1.09 1.06 1.05 1.03 1.03

Weighting

Change 4 5 1 3 5 3 3 5 1 3 5 3 3 5 5 4 5 3 5 5 3 3 5 5 1 5 3 1 3 5 3 3

M M M M M M M U M M M M D M M M M M M M M M M M M M M M D U M U

Latest Chg 2'460'979 6'649'014 (20'866) (573'201) 199'174 66'000 108'890 1'436'782 145'743

Target Price 96 99 #N/A N/A 105 111 89 89 108 78 94 100 91 #N/A N/A 100 103 98 115 90 100 114 #N/A N/A 91 120 106 75 110 #N/A N/A #N/A N/A #N/A N/A 100 75 66

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.08.2012 Corporation 31.07.2013 Investment Advisor 29.08.2012 Holding Company 30.08.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 29.08.2012 Investment Advisor 29.08.2012 Other 29.08.2012 Government 29.08.2012 Government 26.09.2013 Investment Advisor 30.06.2013 Investment Advisor 29.08.2012 Investment Advisor 29.08.2012 Investment Advisor 28.06.2013 Investment Advisor 29.08.2012 Unclassified 31.07.2013 Investment Advisor 29.08.2012 Hedge Fund Manager 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor

Date 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 9 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 6 month 12 month

Date 26.09.2013 25.09.2013 20.09.2013 19.09.2013 13.09.2013 12.09.2013 12.09.2013 09.09.2013 05.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 27.08.2013 12.08.2013 07.08.2013 19.07.2013 03.07.2013 21.06.2013 11.06.2013 06.06.2013 06.06.2013 20.02.2013 12.02.2013 14.12.2012 12.01.2012

30.09.2013

Intesa Sanpaolo SpA Intesa Sanpaolo attracts deposits and offers banking and financial services. The Bank offers consumer credit, asset management, Internet banking, merchant banking, securities brokerage, factoring, and lease financing services, and manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and offices elsewhere in Europe, Asia, and the United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (27.03.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISP IM EQUITY YTD Change ISP IM EQUITY YTD % CHANGE

12/2012 06/yy 1.72 1.09 186'994'825.00 1.523 -11.40% 39.98% 78.13% 15'501.5 24'778.14 283'098.00 0.0 586.0 41'834.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

450.0 M

400.0 M

350.0 M

300.0 M

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 33'216.0 2'553.0 23.67x

31.12.2009 31.12.2010 27'022.0 24'836.0 2'805.0 2'705.0 15.27x 12.90x Profitability

LTM-4Q 31.12.2011 25'266.0 (8'190.0) -

31.12.2012 27'819.0 1'605.0 13.00x 15.77% 15.29% 0.11% 1.55% 0.24% 0.03% 8.3% 42.04% 570.61% -

LTM

06/yy 21'109.0 0.00x 0.0 0.00x (8'318.0) 0.00x

06/yy 16'673.0 0.00x 0.0 0.00x 753.0 26.08x

FY+1

1.40 13'765.96 33.16% 21.17% 1.396 35 2.943 ######### ######### ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'543.1 16'938.1 4'255.0 4'424.0 1'426.6 2'306.1 17.31x 10.65x S&P Issuer Ratings

12.07.2013 BBB NEG 10.02.2012 A-2 570.6% 84.9% 0.03 3.05 -

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Intesa Sanpaolo SpA Holdings By:

All

Holder Name COMPAGNIA DI SAN PAO FOND CR PROVINCIE LO FONDAZIONE CASSA RIS ENTE CASSA DI RISP F FONDAZIONE CASSA RIS HARRIS ASSOCIATES LP HARBOR CAPITAL ADVIS HARBOR INTERNATIONAL NORGES BANK BLACKROCK ALLEANZA TORO SPA ASSICURAZIONI GENERA FRANKLIN RESOURCES VANGUARD GROUP INC PLATINUM INVESTMENT WILLIAM BLAIR & COMP FIL LIMITED METROPOLE GESTION ALLIANZ ASSET MANAGE UBS AG

Firm Name Mediobanca SpA RBC Capital Markets Keefe, Bruyette & Woods Banca Akros(ESN) Natixis ICBPI Exane BNP Paribas Barclays AlphaValue Independent Research GmbH Nomura Goldman Sachs Societe Generale Berenberg Bank JPMorgan Oddo & Cie Macquarie Credit Suisse Day by Day Grupo Santander EVA Dimensions Landesbank Baden-Wuerttemberg Equita SIM SpA Main First Bank AG Deutsche Bank Kepler Cheuvreux S&P Capital IQ Morgan Stanley HSBC Intermonte Securities SpA Centrobanca UBS Nord/LB Hammer Partners SA Banco Sabadell

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP n/a Multiple Portfolios n/a n/a

Analyst ANDREA FILTRI PATRICK LEE DOMENICO SANTORO LUIGI TRAMONTANA STEVEN GOULD LUCA COMI ANDREA VERCELLONE ANTONIO RIZZO DAVID GRINSZTAJN STEFAN BONGARDT DARAGH QUINN JEAN-FRANCOIS NEUEZ CARLO TOMMASELLI ELENI PAPOULA MARTA BASTONI JEAN SASSUS BENJIE CREELAN-SANDFORD IGNACIO CEREZO VALERIE GASTALDY TANIA GOLD DOUG WALTERS INGO FROMMEN MATTEO GHILOTTI ALDO COMI PAOLA SABBIONE ANNA MARIA BENASSI WILLIAM HOWLETT FRANCESCA TONDI CARLO DIGRANDI CHRISTIAN CARRESE GUGLIELMO MARCO OPIPARI MATTEO RAMENGHI MICHAEL SEUFERT ENRICO RACIOPPI MARIO LODOS

Source Research Research Research Research Research MF-AGG MF-AGG Research MF-AGG ULT-AGG Research Research ULT-AGG ULT-AGG MF-AGG 13F ULT-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation underperform underperform market perform hold buy sell neutral underweight add hold neutral neutral/neutral hold sell neutral reduce underperform outperform buy underweight underweight hold buy outperform buy hold hold Equalwt/In-Line neutral outperform sell buy hold sell buy

Amt Held 1'532'789'479 725'470'748 647'963'190 523'641'066 422'881'240 386'554'800 375'989'765 332'972'472 258'907'596 249'090'983 200'279'531 184'778'020 183'365'339 156'171'096 86'401'579 67'307'804 65'019'283 57'807'636 50'030'866 49'008'525

% Out 9.89 4.68 4.18 3.38 2.73 2.49 2.43 2.15 1.67 1.61 1.29 1.19 1.18 1.01 0.56 0.43 0.42 0.37 0.32 0.32

Weighting

Change 1 1 3 3 5 1 3 1 4 3 3 3 3 1 3 2 1 5 5 1 1 3 5 5 5 3 3 3 3 5 1 5 3 1 5

D M M M M M M M M M M M M M U M M M U M D M M M M M M M M M N M M M M

Latest Chg 32'930'578 375'989'765 (37'353) 1'296'038 12'787'644 103'648 67'307'804 47'084'830 (7'979'363) 5'344'880

Target Price 1 1 1 1 2 1 2 1 2 2 1 2 2 1 2 1 1 2 2 1 #N/A N/A 1 2 2 2 2 2 2 1 2 1 2 #N/A N/A 1 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.07.2013 Other 11.07.2013 Bank 11.07.2013 Bank 11.07.2013 Bank 11.07.2013 Other 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 11.07.2013 n/a 31.12.2012 Government 26.09.2013 Investment Advisor 11.07.2013 Insurance Company 11.07.2013 Insurance Company 31.08.2013 Investment Advisor 30.06.2013 Unclassified 31.08.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 31.07.2013 Investment Advisor 27.09.2013 Unclassified

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 15 month Not Provided 12 month Not Provided 3 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 18.09.2013 17.09.2013 17.09.2013 11.09.2013 06.09.2013 03.09.2013 02.09.2013 23.08.2013 21.08.2013 19.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 04.08.2013 02.08.2013 21.07.2013 03.07.2013 19.02.2013 11.01.2013 09.01.2013 23.10.2012 19.06.2012 06.02.2012

30.09.2013

Orange SA Orange provides telecommunications services to residential, professional, and large business customers. The Company offers public fixed-line telephone, leased lines and data transmission, mobile telecommunications, cable television, Internet and wireless applications, and broadcasting services, and telecommunications equipment sales and rentals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (03.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORA FP EQUITY YTD Change ORA FP EQUITY YTD % CHANGE

12/2012 06/yy 9.75 7.03 5'125'694.00 9.254 -5.03% 31.58% 87.37% 2'648.9 24'512.79 39'214.00 0.0 2'078.0 8'462.00 56'540.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 44'845.0 45'503.0 1.82x 1.64x 14'480.0 15'291.0 5.64x 4.89x 3'018.0 4'880.0 16.37x 10.83x Profitability

30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-12

LTM-4Q 31.12.2011 45'277.0 1.42x 15'019.0 4.29x 3'895.0 8.26x

31.12.2012 43'515.0 1.26x 12'374.0 4.42x 820.0 26.90x 12'374.00 6'045.00 13.89% 5.37% 0.17% 0.58% 1.32% 0.48% 28.4% 13.7% 1.9% 0.65 0.53 43.58% 161.33% 8.84 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 44'551.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 42'275.0 0.00x 0.0 0.00x 0.0 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

11.89 0.90 1'919.60 1.20% 13.93% 0.903 36 3.278 14'129'590 11'629'160 9'807'062 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 41'331.3 40'425.0 10'344.0 10'443.0 1.38x 1.38x 12'653.0 12'193.3 4.47x 4.63x 2'683.1 2'625.5 9.19x 9.39x S&P Issuer Ratings

22.04.2013 BBB+ STABLE 14.05.2003 A-2 6.99 3.17 2.52 3.03 161.3% 59.8% 0.48 1.82 41.30 -

Sales/Revenue/Turnover

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

35.0 M

Fiscal Year Ended 31.12.2008 46'712.0 1.92x 17'300.0 5.18x 4'073.0 14.20x

10 9 8 7 6 5 4 3 2 1 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Orange SA Holdings By:

All

Holder Name FRENCH STATE SOCIETE GENERALE AMUNDI BARCLAYS PLC FRANKLIN RESOURCES NORGES BANK BLACKROCK AMUNDI VANGUARD GROUP INC DNCA FINANCE FRANCE TELECOM SA NATIXIS ASSET MANAGE AVIVA PLC PICTET FUNDS UBS AG LBPAM MERCURY ASSET MANAGE DEKABANK DEUTSCHE GI AMUNDI CAPITAL GROUP COMPAN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Independent Research GmbH MARKUS FRIEBEL Exane BNP Paribas ANTOINE PRADAYROL AlphaValue JEAN-MICHEL SALVADOR Jefferies JEREMY A DELLIS Credit Suisse JAKOB BLUESTONE Societe Generale STEPHANE SCHLATTER Natixis BENOIT MAYNARD Day by Day VALERIE GASTALDY Berenberg Bank WASSIL EL HEBIL Nomura FREDERIC BOULAN Morgan Stanley SAROOP PUREWAL Deutsche Bank CAROLA BARDELLI Kepler Cheuvreux JAVIER BORRACHERO New Street Research FRANK KNOWLES Barclays JONATHAN DANN Hamburger Sparkasse TINA HECKING-VELTMAN Makor Capital ALBERT SAPORTA Nord/LB WOLFGANG DONIE Grupo Santander CARLOS JAVIER TREVINO JPMorgan HANNES C WITTIG Macquarie GUY R PEDDY Oddo & Cie VINCENT MAULAY Goldman Sachs ANDREW LEE Raymond James STEPHANE BEYAZIAN Landesbank Baden-Wuerttemberg STEFAN BORSCHEID CM - CIC Securities(ESN) JEAN-MICHEL KOSTER S&P Capital IQ ALEXANDER WISCH UBS GIOVANNI MONTALTI HSBC NICOLAS COTE-COLISSON Gabelli & Co EVAN D MILLER Espirito Santo Investment Bank Research NUNO MATIAS EVA Dimensions ANDREW S ZAMFOTIS Banco Sabadell ANDRES BOLUMBURU Fincorp SAOG GAURAV RAMAIYA

Source Research Research Research ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation market perform hold neutral buy buy neutral buy buy buy hold neutral Overwt/In-Line hold hold neutral underweight hold buy buy hold underweight outperform neutral Sell/Neutral market perform buy hold sell sell overweight buy buy underweight sell buy

Amt Held 713'720'564 132'135'951 129'217'007 121'078'597 38'529'601 35'755'611 32'223'558 29'339'671 25'644'763 15'687'873 15'456'045 10'843'256 8'793'792 8'697'637 6'732'293 5'814'923 5'586'710 5'295'572 4'581'859 4'580'800

% Out 26.94 4.99 4.88 4.57 1.45 1.35 1.22 1.11 0.97 0.59 0.58 0.41 0.33 0.33 0.25 0.22 0.21 0.2 0.17 0.17

Weighting

Change 3 3 3 5 5 3 5 5 5 3 3 5 3 3 3 1 3 5 5 3 1 5 3 1 3 5 3 1 1 5 5 5 1 1 5

M D D M M M M M M M M M M M M M M N M M M M M M M M M M M M M M D M M

Latest Chg (27'339'807) (3'894'321) (4'033'633) 339'852 91'968 696'421 1'777'000 (146'416) 118'012 (74'467) (1'868'459) 12'616 (67'051) 419'912 -

Target Price 9 10 10 14 11 9 10 11 9 8 8 10 8 8 8 8 #N/A N/A #N/A N/A 10 #N/A N/A 6 12 10 6 #N/A N/A 10 9 7 7 11 #N/A N/A 11 #N/A N/A 11 15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 12.07.2013 16.05.2012 11.06.2012 04.06.2013 30.06.2013 31.12.2012 26.09.2013 31.08.2013 30.06.2013 28.03.2013 31.12.2011 31.05.2013 31.07.2013 31.05.2013 27.09.2013 28.03.2013 26.09.2013 30.09.2013 30.04.2013 30.06.2013

Date 12 month 12 month Not Provided 6 month 12 month Not Provided 12 month 6 month 3 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 3 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Government Bank Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 30.09.2013 26.09.2013 24.09.2013 20.09.2013 18.09.2013 16.09.2013 16.09.2013 13.09.2013 10.09.2013 06.09.2013 05.09.2013 02.09.2013 30.08.2013 29.08.2013 27.08.2013 12.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 08.07.2013 25.04.2013 28.02.2013 15.02.2013 23.10.2011

30.09.2013

Volvo AB Volvo AB manufactures trucks, buses, construction equipment, drive systems for marine and industrial uses, and aircraft engine components. The Company also offers repair and maintenance, lease financing, insurance, and financial services to its customers.

Price/Volume 120

40.0 M 35.0 M

100

30.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOLVB SS EQUITY YTD Change VOLVB SS EQUITY YTD % CHANGE

12/2012 06/yy 104.00 82.55 4'057'945.00 95.55 -8.08% 15.75% 67.37% 1'605.9 203'370.56 131'842.00 0.0 1'266.0 28'889.00 316'066.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M 15.0 M

10.0 M 20

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 304'642.0 0.69x 30'239.0 6.94x 9'942.0 8.75x

25.0 M

Valuation Analysis

31.12.2009 31.12.2010 218'361.0 264'749.0 1.12x 1.29x 2'157.0 33'711.0 113.19x 10.14x (14'718.0) 10'866.0 22.11x Profitability

LTM-4Q 31.12.2011 310'367.0 0.80x 42'597.0 5.80x 17'751.0 8.60x

31.12.2012 303'647.0 0.94x 34'319.0 8.28x 11'039.0 16.31x 34'319.00 19'564.00 6.44% 5.06% 1.08% 4.86% 2.63% 0.76% 22.6% 8.4% 2.9% 3.6% 1.08 0.40 38.92% 153.93% 8.66 4.66

Price/ Cash Flow

LTM

FY+1

1.26 7.25% 11.23% 1.264 31 3.452 9'118'977 6'124'300 5'892'724 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 320'574.0 272'004.0 276'221.1 299'020.0 68'242.0 77'808.6 3.27x 4.34x 0.93x 0.83x 3.37x 2.82x 40'969.0 22'920.0 26'816.6 36'671.3 6'689.9 8'430.3 6.56x 12.86x 11.79x 8.62x 10.05x 9.63x 17'486.0 3'874.0 8'139.2 15'488.7 2'203.2 3'586.8 9.13x 47.00x 24.13x 12.87x 15.19x 13.73x S&P Issuer Ratings Long-Term Rating Date 15.04.2011 Long-Term Rating BBB Long-Term Outlook NEG Short-Term Rating Date 15.04.2011 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 13.86 (EBITDA-Capex)/Interest Exp. 6.06 Net Debt/EBITDA 4.85 Total Debt/EBITDA 6.10 Reference Total Debt/Equity 153.9% Total Debt/Capital 60.3% Asset Turnover 0.76 Net Fixed Asset Turnover 3.31 Accounts receivable turnover-days 42.17 Inventory Days 78.38 Accounts Payable Turnover Day 94.24 Cash Conversion Cycle 16.80 Sales/Revenue/Turnover

60.00

350'000.0

50.00

300'000.0 250'000.0

40.00

200'000.0 30.00

150'000.0

20.00

100'000.0

10.00

50'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Volvo AB Holdings By:

All

Holder Name VOLVO AB SWEDBANK ROBUR FONDE NORGES BANK ALECTA PENSIONSFORSA CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS AMF FORSAKRING SEB FONDER AB AMF FONDER AB SHB FUNDS FOLKSAM LO FOND AB NORDEA FONDER AB/SWE SEB HANDELSBANKEN FONDER VANGUARD GROUP INC FJARDE AP-FONDEN BLACKROCK ANDRA AP FONDEN SPP FONDER AB DANSKE BANK A/S

Firm Name AlphaValue Natixis DNB Markets Societe Generale Robert W. Baird & Co Nordea Equity Research JPMorgan SEB Enskilda Handelsbanken HSBC ABG Sundal Collier Barclays Prime Predictions Goldman Sachs Redburn Partners Evli Bank Plc EVA Dimensions Berenberg Bank Main First Bank AG UBS Macquarie Carnegie Pareto Securities Kepler Cheuvreux Danske Markets Deutsche Bank Morgan Stanley Canaccord Genuity Corp S&P Capital IQ Swedbank

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst HANS-PETER WODNIOK KATHLEEN GAILLIOT CHRISTER MAGNERGARD ALASDAIR LESLIE DAVID LEIKER ANDREAS BROCK ALEXANDER WHIGHT ANDERS TRAPP HAMPUS ENGELLAU COLIN GIBSON ERIK PETTERSSON-GOLRANG MICHAEL TYNDALL PETER LJUNGGREN ASHIK KURIAN MARTIN VIECHA ANTTI KANSANEN TIMOTHY STANISH ALEXANDER VIRGO CHRISTOPHER YOUL FREDRIC STAHL JENS SCHATTNER KENNETH TOLL JOHANSSON DAVID JACOBSSON THOMAS BESSON BJORN ENARSON PETER REILLY LAURA LEMBKE ANDREW BELL RODERICK BRIDGE FREDRIK NILHOV

Source Research Research Research Research ULT-AGG MF-AGG Research Research MF-AGG Research MF-AGG Research ULT-AGG MF-AGG ULT-AGG Research ULT-AGG Research MF-AGG MF-AGG

Recommendation sell buy sell buy outperform buy neutral buy buy neutral buy overweight sell buy/attractive sell buy sell buy underperform neutral outperform buy hold buy buy hold Equalwt/In-Line sell hold buy

Amt Held 80'013'209 78'657'058 71'955'474 66'910'000 60'488'880 49'961'776 42'544'960 35'329'637 32'431'960 27'578'727 23'752'393 23'592'830 23'211'048 22'879'017 19'278'934 12'895'181 11'813'340 11'526'751 9'268'814 9'180'355

% Out 4.98 4.9 4.48 4.17 3.77 3.11 2.65 2.2 2.02 1.72 1.48 1.47 1.45 1.42 1.2 0.8 0.74 0.72 0.58 0.57

Weighting

Change 1 5 1 5 5 5 3 5 5 3 5 5 1 5 1 5 1 5 1 3 5 5 3 5 5 3 3 1 3 5

M M M M M M M M M M M M M M M M D M M D M M M U M M M M M M

Latest Chg 497'000 450'594 (4'016'660) 1'562'923 450'622 445'095 130'777 218'311

Target Price 89 119 82 120 115 115 107 111 120 105 110 111 84 123 #N/A N/A 115 #N/A N/A 116 94 100 110 #N/A N/A 105 115 124 90 100 80 97 105

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.12.2012 Corporation 28.12.2012 Investment Advisor 28.12.2012 Government 28.12.2012 Pension Fund (ERISA) 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.12.2012 Other 28.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.12.2012 Investment Advisor 31.03.2013 Unclassified 30.08.2013 Investment Advisor 30.06.2013 Unclassified 28.12.2012 Pension Fund (ERISA) 26.09.2013 Investment Advisor 28.12.2012 Pension Fund (ERISA) 31.03.2013 Investment Advisor 30.06.2013 Bank

Date 6 month Not Provided Not Provided 12 month 12 month 12 month 15 month Not Provided 12 month Not Provided 6 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month

Date 26.09.2013 25.09.2013 25.09.2013 20.09.2013 19.09.2013 18.09.2013 09.09.2013 04.09.2013 29.08.2013 28.08.2013 26.08.2013 13.08.2013 09.08.2013 07.08.2013 06.08.2013 01.08.2013 31.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 14.02.2012

30.09.2013

Repsol SA Repsol S.A., through subsidiaries, explores for and produces crude oil and natural gas, refines petroleum, and transports petroleum products and liquefied petroleum gas (LPG). The Company retails gasoline and other products through its chain of gasoline filling stations. Repsol's petroleum reserves are in Spain, Latin America, Asia, North Africa, and the Middle East and United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REP SQ EQUITY YTD Change REP SQ EQUITY YTD % CHANGE

12/2012 06/yy 18.69 14.43 1'985'473.00 18.295 -2.17% 26.83% 95.90% 1'302.5 23'828.72 19'090.00 0.0 770.0 6'318.00 38'842.72

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 58'475.0 0.48x 8'009.0 3.49x 2'555.0 7.19x

20 18 16 14 12 10 8 6 4 2 0 o-12

31.12.2009 31.12.2010 45'827.0 53'663.0 0.87x 0.79x 6'686.0 11'919.0 5.99x 3.56x 1'559.0 4'693.0 14.63x 5.43x Profitability

LTM-4Q 31.12.2011 50'903.0 0.91x 5'800.0 8.03x 2'193.0 18.27x

31.12.2012 58'924.0 0.56x 7'017.0 4.68x 2'060.0 9.83x 7'017.00 4'430.00 7.52% 6.02% 2.95% 6.97% 4.72% 0.91% 11.5% 7.2% 3.5% 1.51 0.93 29.40% 71.49% 7.52 -

Price/ Cash Flow

LTM

06/yy 56'577.0 3.00x 5'938.0 5.68x 1'885.0 9.33x

06/yy 59'759.0 2.37x 6'847.0 5.28x 1'925.0 10.24x

FY+1

1.06 979.75 28.52% 22.84% 1.056 39 3.949 5'189'968 5'725'577 6'263'450 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'888.4 61'118.0 13'478.0 13'478.0 0.58x 0.54x 2.52x 2.23x 7'254.3 7'316.0 1'559.0 3'084.0 5.35x 5.31x 4.92x 4.87x 2'206.8 2'176.8 441.0 519.0 10.88x 11.18x 12.38x 11.97x S&P Issuer Ratings

19.04.2012 BBBSTABLE 19.04.2012 A-3 8.88 4.17 2.09 3.27 71.5% 41.0% 0.91 2.11 48.54 -

Sales/Revenue/Turnover

10.00

70'000.0

9.00

60'000.0

8.00 7.00

50'000.0

6.00

40'000.0

5.00

30'000.0

4.00

20'000.0

3.00 2.00

10'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Repsol SA Holdings By:

All

Holder Name CAIXABANK SACYR VALLEHERMOSO S PETROLEOS MEXICANOS TEMASEK HOLDINGS PRI BLACKROCK BNP PARIBAS SA NORGES BANK VANGUARD GROUP INC NATIXIS ASSET MANAGE FRANKLIN RESOURCES AMUNDI PRIVAT BANK PATRIMON PIONEER FMR LLC OPPENHEIMERFUNDS INC SCHRODER INVESTMENT JP MORGAN UNION INVESTMENT LUX UBS AG SKANDIA INVESTMENT M

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

Sanford C. Bernstein & Co OSWALD CLINT Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO BPI BRUNO ALMEIDA DA SILVA Independent Research GmbH SVEN DIERMEIER BBVA LUIS DE TOLEDO AlphaValue ALEXANDRE ANDLAUER Banco Sabadell JORGE GONZALEZ SADORNIL Espirito Santo Investment Bank Research FILIPE ROSA Tudor Pickering & Co ANISH KAPADIA Barclays LYDIA RAINFORTH RBC Capital Markets PETER HUTTON Intermoney Valores ALVARO NAVARRO JPMorgan NITIN SHARMA Exane BNP Paribas ALEJANDRO DEMICHELIS Credit Suisse THOMAS YOICHI ADOLFF Ahorro Corporacion Financiera SA TEAM COVERAGE NMAS 1 Agencia de Valores FERNANDO LAFUENTE Raymond James BERTRAND HODEE Grupo Santander JASON KENNEY Canaccord Genuity Corp SAMUEL SIMON Day by Day VALERIE GASTALDY Nomura THEEPAN JOTHILINGAM Investec NEILL MORTON Mirabaud Finanzas Sociedad de ValoresJOSE S MARTIN-VIVAS Societe Generale IRENE HIMONA Morgan Stanley HAYTHEM RASHED Macquarie MARC B KOFLER Landesbank Baden-Wuerttemberg JENS MUENSTERMANN Natixis ANNE PUMIR Deutsche Bank MARK BLOOMFIELD S&P Capital IQ CHRISTINE TISCARENO Equita SIM SpA MASSIMO BONISOLI EVA Dimensions DOUG WALTERS La Caixa FERNANDO MURILLO GUIRAO Kepler Cheuvreux NATALIA BOBO BJOERK UBS JONATHON RIGBY Jefferies BRENDAN MICHAEL WARN Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Goldman Sachs HENRY MORRIS

Source Research EXCH Co File ULT-AGG ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation outperform buy buy hold outperform reduce buy buy trim equalweight sector perform buy neutral neutral neutral Under Review strong buy outperform hold hold buy neutral buy overweight hold Underwt/In-Line neutral hold buy hold buy buy buy overweight buy neutral hold buy not rated

Amt Held 159'023'605 122'208'433 118'484'231 80'700'000 46'839'085 39'542'937 15'794'475 14'329'280 9'003'406 7'353'534 5'441'889 5'391'354 4'914'651 4'612'383 4'586'978 4'299'645 4'030'967 3'920'496 3'770'454 2'942'099

% Out 12.21 9.38 9.1 6.2 3.6 3.04 1.21 1.1 0.69 0.56 0.42 0.41 0.38 0.35 0.35 0.33 0.31 0.3 0.29 0.23

Weighting

Change

5 5 5 3 5 2 5 5 1 3 3 5 3 3 3 #N/A N/A 5 5 3 3 5 3 5 5 3 1 3 3 5 3 5 5 5 5 5 3 3 5 #N/A N/A

M M M M M M M M M M M M M M D M M M M M M M M M M M M M M M M M M D M M M M M

Latest Chg 34'354 682'896 (28'520) 919'160 (397'285) (3'871'610) (2) 193'561 706'576 102'560 1'583'523 354'730 355'996 (129'413) -

Target Price 20 23 20 19 20 18 21 20 19 20 18 19 18 19 19 #N/A N/A 21 20 20 18 22 16 20 19 18 17 16 18 21 16 21 19 #N/A N/A 20 21 18 17 23 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.03.2013 17.01.2013 31.12.2012 04.03.2013 26.09.2013 10.06.2013 31.12.2012 30.06.2013 31.05.2013 28.06.2013 30.04.2013 30.06.2013 30.04.2013 31.07.2013 31.07.2013 30.08.2013 31.07.2013 28.03.2013 27.09.2013 31.07.2013

Date 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 3 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Corporation Unclassified Government Investment Advisor Bank Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 25.09.2013 20.09.2013 20.09.2013 18.09.2013 18.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 09.09.2013 03.09.2013 15.08.2013 12.08.2013 09.08.2013 07.08.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 11.07.2013 06.06.2013 17.05.2013 15.05.2013 13.05.2013 09.05.2013 16.04.2013 27.02.2013

30.09.2013

Statoil ASA Statoil ASA explores for, produces, transports, refines, and trades oil and natural gas. The Company explores for oil in Europe, Africa, the Middle East, Asia, and the Americas.

Price/Volume 160

12.0 M

140

10.0 M

120 8.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STL NO EQUITY YTD Change STL NO EQUITY YTD % CHANGE

12/2012 06/yy 149.00 122.90 1'324'573.00 136.4 -8.46% 10.98% 55.17% 3'188.6 434'931.44 119'400.00 0.0 700.0 80'100.00 516'131.45

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

40 2.0 M

20 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 651'977.0 0.63x 240'545.0 1.71x 43'265.0 8.39x

6.0 M

31.12.2009 31.12.2010 462'292.0 526'950.0 1.16x 0.98x 173'918.0 186'787.0 3.08x 2.77x 18'313.0 38'082.0 25.17x 11.58x Profitability

LTM-4Q 31.12.2011 645'599.0 0.88x 261'920.0 2.16x 78'787.0 6.20x

31.12.2012 705'700.0 0.68x 265'400.0 1.82x 68'900.0 6.42x 265'400.00 204'900.00 29.04% 29.29% 4.81% 12.06% 8.83% 0.80% 48.5% 34.8% 25.1% 9.8% 1.12 0.83 15.22% 37.41% 12.50

Price/ Cash Flow

LTM

FY+1

0.90 935.87 -3.02% 3.19% 0.897 36 3.806 2'729'973 3'065'836 2'694'008 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 721'637.0 634'454.0 636'927.8 653'797.9 158'154.9 165'682.1 2.02x 2.31x 0.78x 0.77x 3.17x 2.94x 277'937.0 220'750.0 224'620.2 242'036.4 56'490.6 62'687.5 1.76x 2.18x 2.30x 2.13x 2.13x 2.12x 77'403.0 38'067.0 46'199.4 51'384.8 12'062.3 13'729.1 5.81x 10.47x 9.24x 8.69x 8.71x 8.69x S&P Issuer Ratings Long-Term Rating Date 03.08.2007 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 03.08.2007 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 88.47 (EBITDA-Capex)/Interest Exp. 56.47 Net Debt/EBITDA 0.36 Total Debt/EBITDA 0.62 Reference Total Debt/Equity 37.4% Total Debt/Capital 27.2% Asset Turnover 0.80 Net Fixed Asset Turnover 1.42 Accounts receivable turnover-days Inventory Days 29.21 Accounts Payable Turnover Day Cash Conversion Cycle 34.61 Sales/Revenue/Turnover

6.00

800'000.0 700'000.0

5.00

600'000.0 4.00

500'000.0 400'000.0

3.00

300'000.0

2.00

200'000.0 1.00 0.00 01.01.2010

100'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Statoil ASA Holdings By:

All

Holder Name MINISTRY OF PETROLEU DEUTSCHE BANK TRUST GOVERNMENT PENSION F STATE STREET CORP CLEARSTREAM BANKING BANK OF NEW YORK MEL JP MORGAN CHASE BANK NORTHERN TRUST CO VANGUARD GROUP INC DNB NOR ASSET MANAGE WILLIAM BLAIR & COMP SIX SIS AG HSBC BANK PLC EUROCLEAR BANK SA VERITAS ASSET MANAGE STOREBRAND FUND MANA FRANKLIN RESOURCES BLACKROCK KLP AKSJENORGE STATOIL ASA

Firm Name Sanford C. Bernstein & Co Handelsbanken DNB Markets Societe Generale Tudor Pickering & Co RBC Capital Markets Nordea Equity Research Simmons & Company International Fearnley Fonds Macquarie JPMorgan AlphaValue Nomura Grupo Santander Exane BNP Paribas ABG Sundal Collier Barclays SEB Enskilda SpareBank 1 Markets AS Danske Markets Carnegie Arctic Securities ASA Swedbank First Securities Canaccord Genuity Corp Norne Securities AS Pareto Securities S&P Capital IQ Deutsche Bank Landesbank Baden-Wuerttemberg Morgan Stanley Goldman Sachs Jefferies EVA Dimensions UBS Fondsfinans AS

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a

Analyst OSWALD CLINT ANNE GJOEN HELGE ANDRE MARTINSEN IRENE HIMONA ROBERT KESSLER PETER HUTTON KELLY CHEN GUY BABER OLE-JACOB STORVIK MARC B KOFLER NITIN SHARMA ALEXANDRE ANDLAUER THEEPAN JOTHILINGAM JASON KENNEY ALEJANDRO DEMICHELIS JOHN A SCHJ OLAISEN RAHIM KARIM LARS HENRIK ROREN ODDVAR BJORGAN ANDRE BAUSTAD BENONISEN MARTIN VOLD TROND OMDAL TEODOR SVEEN NILSEN SAMUEL SIMON IRMANTAS VASKELA SIGURD-ERIK NISSEN-MEYER CHRISTINE TISCARENO MARK BLOOMFIELD JENS MUENSTERMANN HAYTHEM RASHED MICHELE DELLA VIGNA BRENDAN MICHAEL WARN DOUG WALTERS JONATHON RIGBY MORTEN EVJENTH LINDBACK

Source EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH EXCH ULT-AGG MF-AGG 13F EXCH ULT-AGG EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG EXCH EXCH

Recommendation market perform accumulate buy hold accumulate top pick hold overweight reduce neutral neutral reduce reduce underweight neutral buy overweight buy buy buy buy buy neutral buy hold buy sell hold buy Equalwt/In-Line neutral/cautious buy buy buy Under Review

Amt Held 2'136'393'559 115'125'654 107'288'332 81'360'373 69'324'809 35'315'208 30'355'952 25'939'340 20'251'550 14'776'099 12'894'410 12'821'272 12'059'357 11'725'406 10'739'728 10'351'791 10'323'543 9'577'844 9'421'153 8'830'656

% Out 67 3.61 3.36 2.55 2.17 1.11 0.95 0.81 0.64 0.46 0.4 0.4 0.38 0.37 0.34 0.32 0.32 0.3 0.3 0.28

Weighting

Change

3 4 5 3 4 5 3 5 2 3 3 2 2 1 3 5 5 5 5 5 5 5 3 5 3 5 1 3 5 3 3 5 5 5 #N/A N/A

M M M M M M M M D M M M M M M U M U U M M M M M M M M M M M M M M M M

Latest Chg (46'047) (40'835) (3'622'519) (2'200'405) 8'863'728 153'497 (620'312) 193'173 -

Target Price 133 145 155 143 165 175 140 #N/A N/A 140 150 165 135 145 145 145 160 150 145 145 151 #N/A N/A 155 145 150 135 170 128 150 160 136 150 200 #N/A N/A 150 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.09.2013 23.09.2013 23.09.2013 27.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 30.06.2013 31.05.2013 30.06.2013 23.09.2013 23.09.2013 23.09.2013 30.06.2013 31.08.2013 28.06.2013 26.09.2013 23.09.2013 23.09.2013

Date 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 9 month 6 month 12 month 12 month Not Provided 6 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type Corporation Investment Advisor Government Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Bank Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 17.09.2013 12.09.2013 05.09.2013 29.08.2013 29.08.2013 28.08.2013 22.08.2013 20.08.2013 20.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 15.08.2013 31.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 16.07.2013 01.07.2013 24.06.2013 06.06.2013 08.05.2013 08.05.2012

30.09.2013

Heineken NV Heineken NV produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

Price/Volume 70

4.0 M

3.5 M 3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEIA NA EQUITY YTD Change HEIA NA EQUITY YTD % CHANGE

12/2012 06/yy 60.20 46.16 240'085.00 52.1 -13.42% 12.88% 39.77% 576.0 30'009.73 13'380.00 0.0 1'071.0 1'048.00 43'645.74

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1.0 M

.5 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 14'319.0 1.42x 2'388.0 8.51x 209.0 50.93x

2.0 M

31.12.2009 31.12.2010 14'701.0 16'133.0 1.68x 1.85x 2'713.0 3'413.0 9.13x 8.73x 1'018.0 1'447.0 15.99x 14.28x Profitability

LTM-4Q 31.12.2011 17'123.0 1.72x 3'383.0 8.70x 1'430.0 14.66x

31.12.2012 18'383.0 2.31x 3'471.0 12.24x 2'949.0 9.84x 3'471.00 2'206.00 12.00% 19.77% 8.73% 25.01% 14.99% 0.59% 20.1% 12.6% 16.0% 0.71 0.39 37.19% 114.45% -

Price/ Cash Flow

LTM

06/yy 17'543.0 0.00x 0.0 0.00x 1'608.0 14.93x

06/yy 19'980.0 0.00x 0.0 0.00x 2'805.0 9.90x

FY+1

1.77 0.74 215.55 14.26% 5.02% 0.735 35 2.857 451'747 702'856 721'212 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 19'779.7 20'460.4 5'492.0 5'097.0 2.14x 2.01x 4'328.0 4'609.3 10.07x 9.46x 1'657.1 1'877.0 17.89x 15.74x S&P Issuer Ratings

02.10.2012 BBB+ STABLE 02.10.2012 A-2 6.30 4.18 3.32 3.53 114.4% 51.2% 0.59 2.30 -

Sales/Revenue/Turnover

14.00

20'000.0 18'000.0

12.00

16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0 2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Heineken NV Holdings By:

All

Holder Name HEINEKEN HOLDING NV CB EQUITY LLP UBS AG SUN LIFE FINANCIAL I DAVIS INVESTMENTS LL HARBOR CAPITAL ADVIS OPPENHEIMERFUNDS INC NORGES BANK VANGUARD GROUP INC COMGEST S A INVESCO LTD BLACKROCK SKAGEN AS FMR LLC MFS FINANCIAL SERVIC UNITED SERVICES AUTO UNIVERSAL INVEST LUX ALLIANZ ASSET MANAGE ACHMEA BELEGGINSFOND FRANK RUSSELL TRUST

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

AlphaValue ISABELLE COMBEMALE Sanford C. Bernstein & Co TREVOR STIRLING ING Bank MARCO GULPERS Exane BNP Paribas JAVIER GONZALEZ LASTRA Liberum Capital Ltd PABLO ZUANIC RBC Capital Markets JAMES EDWARDES JONES Nomura IAN SHACKLETON Rabobank International KAREL ZOETE Credit Suisse SANJEET AUJLA HSBC FLORENCE DOHAN SNS Securities(ESN) RICHARD WITHAGEN Canaccord Genuity Corp EDDY HARGREAVES Mirabaud Securities JONATHAN FYFE Jefferies DIRK VAN VLAANDEREN Grupo Santander ANTHONY J BUCALO Goldman Sachs MITCHELL COLLETT KBC Securities WIM HOSTE Societe Generale ANDREW HOLLAND JPMorgan MIKE J GIBBS Theodoor Gilissen Securities TOM MULLER Natixis JOSEPHINE CHEVALLIER Barclays SAMAR CHAND Petercam KRIS KIPPERS S&P Capital IQ CARL SHORT ABN Amro Bank N.V. ROBERT JAN VOS UBS OLIVIER NICOLAI Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research ALEX SMITH Redburn Partners CHRIS PITCHER Deutsche Bank HAROLD THOMPSON EVA Dimensions CRAIG STERLING Berenberg Bank PHILIP MORRISEY Kempen & Co SANDER VAN OORT

Source Co File Co File ULT-AGG ULT-AGG Research MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy outperform buy neutral hold sector perform reduce hold underperform neutral reduce sell hold underperform underweight neutral/attractive accumulate buy underweight hold buy underweight hold hold hold neutral hold neutral neutral buy underweight hold hold

Amt Held 288'030'112 72'173'129 14'195'351 10'746'463 8'514'203 8'369'224 7'397'285 5'248'372 5'155'041 3'067'000 2'585'599 2'378'061 2'216'744 1'748'801 1'532'093 1'287'796 1'165'000 1'012'993 854'439 837'474

% Out 50 12.53 2.46 1.87 1.48 1.45 1.28 0.91 0.89 0.53 0.45 0.41 0.38 0.3 0.27 0.22 0.2 0.18 0.15 0.15

Weighting

Change 5 5 5 3 3 3 2 3 1 3 2 1 3 1 1 3 4 5 1 3 5 1 3 3 3 3 3 3 3 5 1 3 3

M M M M M M M M D M M M M M M M M M M M M M M M M U M M M M M M M

Latest Chg 443'390 2'789'441 1'045'353 (3'683) 7'682 1'590 (417) (2'652) (189'108) (28'080)

Target Price 64 66 61 55 #N/A N/A 59 44 52 52 58 47 46 59 45 50 57 60 61 49 57 60 49 52 55 54 55 #N/A N/A 53 #N/A N/A 60 #N/A N/A 49 53

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 27.08.2013 01.07.2013 16.02.2012 30.06.2013 31.07.2013 31.12.2012 30.06.2013 31.12.2012 27.09.2013 26.09.2013 30.08.2013 31.07.2013 31.07.2013 30.06.2013 28.03.2013 31.07.2013 30.06.2013 31.05.2012

Date 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 9 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Corporation Holding Company Unclassified Investment Advisor Other Investment Advisor Investment Advisor Government Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.09.2013 25.09.2013 25.09.2013 25.09.2013 20.09.2013 13.09.2013 12.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 05.09.2013 30.08.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 14.08.2013 12.08.2013 03.07.2013 02.07.2013 21.06.2013 06.06.2013 24.04.2013 03.04.2013

30.09.2013

Swatch Group AG/The Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, LCD displays, and scoreboards. The Company produces watches under various branded names. Swatch also operates retail boutiques.

Price/Volume 700

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

600 500 400

Valuation Analysis

300

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UHR VX EQUITY YTD Change UHR VX EQUITY YTD % CHANGE

12/2012 01/yy 602.00 367.50 37'468.00 580.5 -3.57% 57.96% 93.18% 30.8 30'493.19 135.00 0.0 19.0 1'967.00 29'515.19

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 5'677.0 1.29x 1'421.0 5.17x 834.0 9.26x

200

31.12.2009 31.12.2010 5'142.0 6'108.0 2.54x 3.33x 1'123.0 1'658.0 11.63x 12.26x 759.0 1'074.0 18.10x 20.56x Profitability

31.12.2011 6'764.0 2.50x 1'843.0 9.17x 1'269.0 14.96x

31.12.2012 7'796.0 2.96x 2'245.0 10.29x 1'600.0 15.56x 2'245.00 1'984.00 25.45% 25.87% 16.22% 11.29% 0.80% 28.0% 24.5% 20.5% 6.50 2.51 1.20% 1.45% 8.12 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.30 30.22 56.61% 27.41% 1.297 31 4.194 82'708 113'064 121'967 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 8'772.0 9'640.3 3.31x 2.93x 2'484.2 2'806.5 11.84x 10.48x 1'750.8 1'977.4 17.99x 15.99x S&P Issuer Ratings

748.33 602.33 -0.44 0.04 1.4% 1.4% 0.80 4.21 44.94 -

Sales/Revenue/Turnover

25.00

9'000.0 8'000.0

20.00

7'000.0 6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00

1'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Swatch Group AG/The Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NORGES BANK VANGUARD GROUP INC SWATCH GROUP AG CREDIT SUISSE AG PICTET FUNDS BLACKROCK UBS AG THORNBURG INVESTMENT FMR LLC SCHRODER INVESTMENT WINTERGREEN ADVISERS HARBOR CAPITAL ADVIS BNP PARIBAS THREADNEEDLE CALAMOS ADVISORS LLC ROYAL BANK OF CANADA GRETHER ESTHER NORDEA INV MANAGEMEN DEUTSCHE BANK AG

Firm Name UBS Sanford C. Bernstein & Co Aurel - BGC Kepler Cheuvreux Societe Generale Credit Suisse Nomura Exane BNP Paribas AlphaValue Renaissance Capital Day by Day Mirabaud Securities Cantor Fitzgerald Zuercher Kantonalbank S&P Capital IQ Deutsche Bank Bank Vontobel AG Bank am Bellevue JPMorgan Oddo & Cie Berenberg Bank Bryan Garnier & Cie ISI Group Main First Bank AG Barclays Morgan Stanley Goldman Sachs Redburn Partners HSBC EVA Dimensions

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst EVA QUIROGA MARIO ORTELLI DAVID DA MAIA JON COX THIERRY COTA ROGERIO FUJIMORI CHRISTOPHER WALKER LUCA GIUSEPPE SOLCA VERONIQUE CABIOC'H REY WIUM VALERIE GASTALDY ALESSANDRO MIGLIORINI ALLEGRA PERRY PATRIK SCHWENDIMANN WILLIAM MACK FRANCESCA DI PASQUANTONIO RENE WEBER SERGE MONNERAT MELANIE A FLOUQUET LEOPOLD AUTHIE JOHN GUY LOIC MORVAN OMAR SAAD MATTHIAS EIFERT HELEN NORRIS LOUISE SINGLEHURST WILLIAM HUTCHINGS ANNABEL GLEESON ANTOINE BELGE CRAIG STERLING

Source ULT-AGG MF-AGG ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File MF-AGG ULT-AGG

Recommendation suspended coverage market perform buy buy buy outperform buy outperform add hold hold neutral buy outperform buy buy buy buy neutral buy hold buy strong buy outperform equalweight Overwt/In-Line Buy/Neutral neutral neutral underweight

Amt Held 1'507'171 935'958 517'099 505'000 418'044 367'043 330'721 275'251 255'065 242'152 204'583 184'025 163'944 154'115 147'935 147'780 120'149 114'000 112'727 95'719

% Out 4.89 3.03 1.68 1.64 1.36 1.19 1.07 0.89 0.83 0.79 0.66 0.6 0.53 0.5 0.48 0.48 0.39 0.37 0.37 0.31

Weighting

Change

#N/A N/A 3 5 5 5 5 5 5 4 3 3 3 5 5 5 5 5 5 3 5 3 5 5 5 3 5 5 3 3 1

M M U M M M M M M M M N M M U M M N M M M M M M M M M N M M

Latest Chg 120'340 22'434 (15'735) (1'428) 60 816 3'742 48'114 158'622 2'237 (51'478) (79'825) 1'148 3'834 29'771

Target Price #N/A N/A 620 650 700 660 630 650 735 612 550 #N/A N/A 610 600 #N/A N/A 650 600 630 625 530 590 575 595 650 650 550 602 770 #N/A N/A 590 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.07.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Unclassified 31.12.2012 Corporation 31.05.2013 Investment Advisor 30.08.2013 Investment Advisor 26.09.2013 Investment Advisor 31.07.2013 Unclassified 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.04.2013 Unclassified 31.05.2013 Unclassified 31.07.2013 Investment Advisor 30.04.2013 Bank 31.12.2012 n/a 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor

Date Not Provided 12 month 6 month Not Provided 12 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 15 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 23.09.2013 23.09.2013 20.09.2013 19.09.2013 16.09.2013 03.09.2013 02.09.2013 30.08.2013 13.08.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 17.05.2013 08.05.2013 27.03.2013 17.01.2013

30.09.2013

Atlas Copco AB Atlas Copco AB is an international industrial group. The Group develops, manufactures, and markets compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, and assembly systems and offers related services. Atlas Copco also rents equipment. The Company markets to manufacturing, building, construction, and mining companies worldwide.

Price/Volume

200

10.0 M 8.0 M

150 100

12/2012 06/yy 194.10 147.40 997'869.00 186.4 -3.92% 26.46% 88.65% 839.4 221'902.78 21'052.00 0.0 54.0 12'416.00 234'227.78

4.0 M

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATCOA SS EQUITY YTD Change ATCOA SS EQUITY YTD % CHANGE

31.12.2008 74'177.0 1.38x 15'808.0 6.48x 10'157.0 8.16x

250

31.12.2009 31.12.2010 63'762.0 69'875.0 2.15x 2.97x 11'527.0 16'400.0 11.87x 12.67x 6'244.0 9'921.0 20.51x 20.80x Profitability

LTM-4Q 31.12.2011 81'203.0 2.39x 20'061.0 9.68x 12'963.0 13.86x

31.12.2012 90'533.0 2.43x 21'891.0 10.05x 13'901.0 15.57x 21'891.00 19'227.00 21.24% 20.48% 15.84% 41.12% 1.06% 38.4% 24.1% 21.0% 15.4% 2.44 1.32 25.94% 60.01% 2.85

Price/ Cash Flow

LTM

06/yy 88'720.0 8.47x 21'688.0 8.93x 13'987.0 12.87x

06/yy 86'912.0 9.86x 20'959.0 9.96x 13'004.0 15.12x

FY+1

1.19 25.51% 7.91% 1.190 30 3.500 3'439'655 2'753'078 2'822'484 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 85'835.5 90'149.6 21'399.3 22'210.2 2.63x 2.45x 10.86x 10.33x 20'413.1 21'622.3 5'056.0 5'310.0 11.47x 10.83x 11.59x 11.55x 12'754.3 13'628.0 3'167.8 3'356.8 17.73x 16.49x 17.39x 17.18x S&P Issuer Ratings

24.02.2011 A STABLE 24.02.2011 A-1 21.93 20.26 0.58 1.25 60.0% 37.5% 1.06 9.73 127.93 134.61

Sales/Revenue/Turnover

25.00

100'000.0 90'000.0 80'000.0

20.00

70'000.0 15.00

60'000.0

10.00

50'000.0 40'000.0 30'000.0 20'000.0

5.00

10'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Atlas Copco AB Holdings By:

All

Holder Name INVESTOR AB SWEDBANK ROBUR FONDE HARBOR CAPITAL ADVIS VANGUARD GROUP INC NORGES BANK SEB CAPITAL GROUP COMPAN ALECTA PENSIONSFORSA WILLIAM BLAIR & COMP FMR LLC FJARDE AP-FONDEN BLACKROCK LANSDOWNE PARTNERS L HANDELSBANKEN FONDER BAILLIE GIFFORD AND ALLIANZ ASSET MANAGE FORSTA AP FONDEN ABERDEEN ANDRA AP FONDEN SPP FONDER AB

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a WILLIAM BLAIR & COMP n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios

Analyst

Exane BNP Paribas JONATHAN R MOUNSEY AlphaValue LIONEL PELLICER Nordea Equity Research ANDREAS KOSKI JPMorgan ALEXANDER WHIGHT Credit Suisse ANDRE KUKHNIN Barclays ALLAN SMYLIE SEB Enskilda DANIEL SCHMIDT Kepler Cheuvreux JOAKIM HOGLUND HSBC COLIN GIBSON Evli Bank Plc ELINA RIUTTA Morgan Stanley MARKUS ALMERUD Carnegie KENNETH TOLL JOHANSSON Handelsbanken PEDER FROLEN ABG Sundal Collier ANDERS IDBORG Nomura KLAS BERGELIND Redburn Partners JAMES MOORE Espirito Santo Investment Bank Research NICK WILSON Societe Generale SEBASTIEN GRUTER DNB Markets LARS BRORSON Deutsche Bank MARTIN WILKIE Goldman Sachs AARON IBBOTSON William Blair & Co LAWRENCE T DE MARIA Canaccord Genuity Corp ANDREW BELL Pareto Securities DAVID JACOBSSON Danske Markets OSCAR STJERNGREN Natixis ARNAUD SCHMIT Berenberg Bank ALEXANDER VIRGO EVA Dimensions TIMOTHY STANISH UBS GUILLERMO PEIGNEUX Swedbank MATS LISS

Source Research Research MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG Research 13F ULT-AGG Research ULT-AGG Short Research MF-AGG ULT-AGG Research ULT-AGG Research MF-AGG

Recommendation outperform sell buy neutral outperform overweight hold buy overweight accumulate Equalwt/Cautious hold buy buy neutral sell neutral hold hold hold Buy/Neutral market perform buy hold buy not rated sell overweight sell neutral

Amt Held % Out 194'803'726 23.21 61'626'120 7.34 31'731'795 3.78 22'117'781 2.63 21'744'472 2.59 19'521'699 2.33 14'175'000 1.69 11'737'000 1.4 10'908'127 1.3 9'650'230 1.15 9'053'948 1.08 8'681'862 1.03 (8'310'002) -0.99 8'245'723 0.98 7'394'090 0.88 6'600'873 0.79 6'461'271 0.77 6'115'621 0.73 5'228'386 0.62 4'662'117 0.56

Weighting 5 1 5 3 5 5 3 5 5 4 3 3 5 5 3 1 3 3 3 3 5 3 5 3 5 #N/A N/A 1 5 1 3

Change U M M M M M M M M M M M M M M M M U M M M M M M M M M M M M

Latest Chg (6'503'000) (23'509) 1'432'141 (4'364'830) 722'416 83'238 (1'749'279) 83'939 125'643 57'900 72'733

Target Price 215 148 210 200 200 195 185 220 220 195 176 #N/A N/A 220 200 168 #N/A N/A 175 170 175 170 264 170 205 180 210 #N/A N/A 165 #N/A N/A 134 160

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 23.07.2013 30.06.2013 30.06.2013 31.12.2012 31.03.2013 30.06.2013 31.12.2012 30.06.2013 31.07.2013 31.12.2012 26.09.2013 11.09.2013 31.12.2012 28.06.2013 31.08.2013 31.12.2012 31.08.2013 31.12.2012 31.03.2013

Date Not Provided 6 month 12 month 15 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 6 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Government Unclassified Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor

Date 26.09.2013 19.09.2013 18.09.2013 17.09.2013 11.09.2013 05.09.2013 04.09.2013 04.09.2013 28.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 19.08.2013 19.08.2013 02.08.2013 30.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 02.07.2013 06.06.2013 04.12.2012 30.11.2011

30.09.2013

Henkel AG & Co KGaA Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical products. The Company produces reactive polyurethane and laminating adhesives, labeling for glass and PET plastic bottles, corrosion inhibitors and surface treatments, soaps, skin care products, hair dye, perfumes, detergents, dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.

Price/Volume 90

3.0 M

2.5 M

70 60

2.0 M

12/2012 06/yy 78.77 57.85 245'766.00 75.97 -3.58% 31.32% 87.81% 178.2 30'456.95 3'901.00 0.0 135.0 3'681.00 30'725.95

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

.5 M

10 0 o-12

31.12.2009 31.12.2010 13'573.0 15'092.0 1.40x 1.37x 1'938.0 2'445.0 9.84x 8.43x 602.0 1'118.0 26.40x 18.11x Profitability

LTM-4Q 31.12.2011 15'605.0 1.34x 2'444.0 8.55x 1'161.0 16.70x

31.12.2012 16'510.0 1.66x 2'782.0 9.84x 1'510.0 17.93x 2'782.00 2'373.00 14.37% 12.47% 8.02% 16.44% 0.86% 46.8% 16.9% 14.3% 9.1% 1.30 0.97 19.98% 41.61% 6.53 5.47

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 16'043.0 5.53x 2'470.0 9.65x 1'265.0 17.95x

06/yy 16'615.0 6.99x 2'809.0 11.20x 1'551.0 20.36x

a-13

m-13

j-13

a-13

s-13

FY+1

0.72 173.62 24.39% 23.77% 0.721 37 3.703 454'820 432'714 463'431 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'834.0 17'645.5 4'361.0 4'204.8 1.76x 1.62x 2'888.5 3'096.9 753.0 778.0 10.64x 9.92x 9.96x 9.88x 1'739.7 1'914.4 463.3 439.3 18.86x 17.18x S&P Issuer Ratings

18.05.2011 A STABLE 18.05.2011 A-1 21.24 18.02 0.05 1.15 41.6% 29.1% 0.86 7.25 55.88 66.75 117.03 1.39

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 14'131.0 1.00x 2'048.0 6.87x 1'221.0 54.66x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEN3 GY EQUITY YTD Change HEN3 GY EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Henkel AG & Co KGaA Holdings By:

All

Holder Name BLACKROCK NORGES BANK HENKEL KGAA SUN LIFE FINANCIAL I DEUTSCHE BANK AG ALLIANZ ASSET MANAGE FMR LLC DEKABANK DEUTSCHE GI ARTISAN PARTNERS HOL VANGUARD GROUP INC UNION INVESTMENT GMB ROYAL BANK OF CANADA SCHRODER INVESTMENT CAISSE DE DEPOT ET P JP MORGAN SWEDBANK ROBUR FONDE TIAA CREF INVESTMENT OPPENHEIMERFUNDS INC FRANKFURT TRUST INVE DWS INVESTMENTS

Firm Name JPMorgan Nomura Sanford C. Bernstein & Co Exane BNP Paribas Main First Bank AG Liberum Capital Ltd DZ Bank AG Raymond James Canaccord Genuity Corp Commerzbank Corporates & Markets M.M. Warburg Investment Research Nord/LB Goldman Sachs Baader Bank Credit Suisse Societe Generale UBS Independent Research GmbH Hamburger Sparkasse Bankhaus Metzler Deutsche Bank Morgan Stanley HSBC Macquarie Bankhaus Lampe Equinet Institutional Services(ESN) S&P Capital IQ Barclays Berenberg Bank Day by Day Kepler Cheuvreux EVA Dimensions Redburn Partners Landesbank Baden-Wuerttemberg Jefferies National Bank AG

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CELINE PANNUTI GUILLAUME DELMAS ANDREW WOOD EAMONN FERRY GAEL COLCOMBET PABLO ZUANIC HERBERT STURM HERMINE DE BENTZMANN EDDY HARGREAVES ANDREAS RIEMANN JOERG PHILIPP FREY JULIA SIEKMANN ROSIE EDWARDS CHRISTIAN WEIZ NICOLAS SOCHOVSKY CHAS MANSO DE ZUNIGA EVA QUIROGA ZAFER RUZGAR MARCO GUENTHER SEBASTIAN FRERICKS HAROLD THOMPSON ERIK SJOGREN CEDRIC BESNARD CHRISTIAN FAITZ MICHAEL GORNY NADESHDA DEMIDOVA CARL SHORT IAIN SIMPSON JAMES TARGETT VALERIE GASTALDY MARKUS MAYER CRAIG STERLING WILLIAM HOUSTON BARBARA AMBRUS ALEX HOWSON STEFFEN MANSKE

Source ULT-AGG MF-AGG EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight buy outperform neutral outperform hold buy outperform buy buy hold buy neutral/attractive hold underperform buy neutral hold hold buy buy Overwt/In-Line underweight outperform hold sell hold overweight Under Review hold hold overweight sell buy hold buy

Amt Held 5'876'285 5'554'090 4'541'372 4'015'038 3'723'664 3'285'230 2'321'926 2'273'100 2'117'330 1'990'131 1'899'300 1'232'318 1'228'092 1'151'163 951'224 885'306 838'342 713'399 644'150 627'317

% Out 3.3 3.12 2.55 2.25 2.09 1.84 1.3 1.28 1.19 1.12 1.07 0.69 0.69 0.65 0.53 0.5 0.47 0.4 0.36 0.35

Weighting

Change

1 5 5 3 5 3 5 5 5 5 3 5 3 3 1 5 3 3 3 5 5 5 1 5 3 1 3 5 #N/A N/A 3 3 5 1 5 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M D M M M M M M

Latest Chg (63'603) 171'434 1'263'530 (39'085) (4'281) (398'390) 68'444 (9'067) (125'430) (516) 80'667 (18'643) 13'178 (65'859) (280'911) 30'000 193'389

Target Price 65 79 85 75 88 #N/A N/A 86 86 84 90 79 86 82 79 73 87 75 80 #N/A N/A 85 80 83 63 87 73 56 81 83 #N/A N/A #N/A N/A 78 #N/A N/A #N/A N/A 81 54 76

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2013 31.12.2012 05.08.2011 31.07.2013 31.07.2013 31.08.2013 31.07.2013 30.09.2013 31.03.2013 30.06.2013 28.03.2013 30.04.2013 30.08.2013 31.12.2012 31.08.2013 31.03.2013 31.07.2013 31.07.2013 28.06.2013 28.06.2013

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Unclassified Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 20.09.2013 17.09.2013 16.09.2013 05.09.2013 20.08.2013 14.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 01.08.2013 05.07.2013 13.06.2013 06.06.2013 13.05.2013 08.05.2013 19.03.2013 19.11.2012

30.09.2013

TeliaSonera AB TeliaSonera AB offers telecommunication services. The Company offers mobile communications services as well as operates fixed networks throughout Eurasia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (23.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLSN SS EQUITY YTD Change TLSN SS EQUITY YTD % CHANGE

12/2012 06/yy 49.67 41.80 4'888'261.00 48.86 -1.61% 16.89% 98.22% 4'330.1 211'567.94 91'587.00 0.0 3'956.0 29'805.00 283'965.95

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 103'585.0 2.31x 31'663.0 7.57x 19'011.0 9.19x

31.12.2009 31.12.2010 109'161.0 106'979.0 2.65x 2.77x 35'329.0 37'677.0 8.19x 7.86x 18'854.0 21'257.0 12.35x 11.26x Profitability

LTM-4Q 31.12.2011 104'804.0 2.64x 36'917.0 7.51x 18'388.0 11.11x

31.12.2012 104'898.0 2.45x 35'000.0 7.33x 19'886.0 9.59x 35'000.00 14'444.00 13.77% 23.34% 8.16% 19.40% 0.42% 44.3% 33.0% 16.0% 19.0% 1.61 1.22 36.01% 83.69% 36.20

Price/ Cash Flow

LTM

FY+1

0.78 10.13% 18.18% 0.785 36 3.167 8'239'975 7'300'534 6'550'020 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 105'953.0 102'727.0 101'449.5 102'187.7 25'183.7 26'092.8 10.40x 10.35x 2.67x 2.61x 10.93x 10.47x 37'234.0 33'911.0 34'811.6 35'932.2 8'860.6 8'885.3 7.27x 7.72x 8.16x 7.90x 7.95x 7.83x 18'937.0 19'822.0 17'896.6 18'942.0 4'571.4 4'818.8 10.09x 9.55x 11.77x 11.26x 11.36x 11.27x S&P Issuer Ratings Long-Term Rating Date 28.10.2005 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 28.10.2005 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 9.09 (EBITDA-Capex)/Interest Exp. 5.01 Net Debt/EBITDA 2.02 Total Debt/EBITDA 2.55 Reference Total Debt/Equity 83.7% Total Debt/Capital 44.7% Asset Turnover 0.42 Net Fixed Asset Turnover 1.63 Accounts receivable turnover-days Inventory Days 10.08 Accounts Payable Turnover Day Cash Conversion Cycle -4.57 Sales/Revenue/Turnover

10.00

120'000.0

9.00

100'000.0

8.00 7.00

80'000.0

6.00

60'000.0

5.00 4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

TeliaSonera AB Holdings By:

All

Holder Name GOVERNMENT OF SWEDEN REPUBLIC OF FINLAND CAPITAL GROUP COMPAN ALECTA PENSIONSFORSA SWEDBANK ROBUR FONDE AMF PENSION BANK OF NEW YORK MEL SHB FUNDS SEB FJARDE AP-FONDEN GOVERNMENT OF NORWAY AFA INSURANCE HANDELSBANKEN FONDER NORGES BANK INVESTME FORSTA AP FONDEN AMF FONDER AB SKANDIA LIV FOLKSAM LO FOND AB VANGUARD GROUP INC SPP

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst

Swedbank SVEN SKOLD Exane BNP Paribas MICHAEL WILLIAMS AlphaValue JEAN-MICHEL SALVADOR Carnegie LENA OSTERBERG Credit Suisse JAKOB BLUESTONE Kepler Cheuvreux PETER KURT NIELSEN Evli Bank Plc MIKKO ERVASTI Natixis JACQUES DE GRELING Deutsche Bank KEVAL KHIROYA Pohjola Bank Plc (ESN) KIMMO STENVALL Nordea Equity Research STEFAN GAUFFIN SEB Enskilda ANDREAS JOELSSON Berenberg Bank BARRY ZEITOUNE Morgan Stanley TERENCE TSUI UBS NICK LYALL Goldman Sachs ANDREW LEE Barclays MAURICE PATRICK Jefferies ULRICH RATHE Inderes TIMO RAHKONEN ABG Sundal Collier KRISTOFER ERIKSSON Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Nomura JAMES BRITTON S&P Capital IQ ALEXANDER WISCH Danske Markets PANU LAITINMAKI Grupo Santander JOHN DAVIES Handelsbanken THOMAS HEATH DNB Markets CHRISTER ROTH SpareBank 1 Markets AS TORE A TONSETH Espirito Santo Investment Bank Research ANDREW HOGLEY HSBC DOMINIK KLARMANN EVA Dimensions ANDREW S ZAMFOTIS Pareto Securities THOMAS NIELSEN New Street Research RUSSELL WALLER JPMorgan AKHIL DATTANI

Source Co File Research ULT-AGG Co File Co File Co File MF-AGG Co File ULT-AGG Co File Research Research MF-AGG Co File Research MF-AGG Research MF-AGG ULT-AGG Research

Recommendation neutral outperform add buy neutral buy reduce neutral hold hold hold buy hold Equalwt/In-Line sell neutral/neutral equalweight underperform accumulate sell buy neutral buy hold underweight accumulate buy sell sell overweight buy hold neutral overweight

Amt Held 1'614'513'748 437'338'581 153'876'977 112'272'322 111'387'612 80'445'164 53'753'791 53'624'855 51'851'959 45'541'893 45'514'625 40'936'185 36'408'922 33'957'410 31'821'766 29'615'480 28'199'595 27'735'087 24'610'401 24'185'095

% Out 37.29 10.1 3.55 2.59 2.57 1.86 1.24 1.24 1.2 1.05 1.05 0.95 0.84 0.78 0.73 0.68 0.65 0.64 0.57 0.56

Weighting

Change 3 5 4 5 3 5 2 3 3 3 3 5 3 3 1 3 3 1 4 1 5 3 5 3 1 4 5 1 1 5 5 3 3 5

D M M M M M D M M M M M M M M M M M M M M M M M M M M M M M U D M M

Latest Chg 1'184'485 (2'040'385) (1'638'000) 175'790 (3'293'000) (2'153'413) 554'342 -

Target Price 51 51 56 #N/A N/A 45 50 50 41 46 48 48 50 43 53 43 53 45 36 50 44 51 46 52 48 45 50 51 41 36 52 #N/A N/A 46 49 55

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 05.09.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 27.09.2013 31.12.2012 31.03.2013 31.12.2012 30.09.2012 30.09.2012 30.08.2013 31.12.2012 30.09.2012 31.03.2013 30.09.2012 31.03.2013 30.06.2013 30.09.2012

Date 12 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided Not Provided 6 month Not Provided 3 month

Inst Type Government Government Investment Advisor Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Investment Advisor n/a Unclassified Pension Fund (ERISA) Government Insurance Company Investment Advisor Government Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Unclassified n/a

Date 30.09.2013 30.09.2013 26.09.2013 25.09.2013 20.09.2013 18.09.2013 18.09.2013 12.09.2013 05.09.2013 05.09.2013 22.08.2013 08.08.2013 07.08.2013 02.08.2013 01.08.2013 26.07.2013 24.07.2013 22.07.2013 22.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013 17.06.2013 22.04.2013 27.02.2013 05.02.2013 31.01.2013 31.01.2013 21.01.2013

30.09.2013

Telenor ASA Telenor ASA researches, develops and provides telecommunications, information and media services. The Company offers telephone services, as well as installs and operates complete IT (information technology) systems. Telenor provides phone card, mobile telephone, satellite communications, paging and mobile data services. The Company operates in Norway and internationally.

Price/Volume

6.0 M

120

5.0 M 4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEL NO EQUITY YTD Change TEL NO EQUITY YTD % CHANGE

12/2012 06/yy 139.90 104.30 1'509'359.00 137.4 -1.79% 31.74% 97.75% 1'516.6 208'384.17 50'101.00 0.0 3'057.0 8'805.00 251'156.17

3.0 M

60 40

2.0 M

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

140 100

Valuation Analysis

31.12.2008 96'167.0 1.37x 30'133.0 4.36x 13'065.0 5.81x

160

31.12.2009 31.12.2010 90'748.0 94'843.0 1.89x 1.94x 33'071.0 29'262.0 5.18x 6.28x 8'653.0 14'334.0 14.43x 10.60x Profitability

LTM-4Q 31.12.2011 98'516.0 1.82x 34'352.0 5.22x 7'165.0 22.04x

31.12.2012 101'718.0 2.14x 39'870.0 5.46x 10'067.0 17.44x 39'870.00 17'645.00 17.35% 11.82% 7.91% 19.20% 14.18% 0.59% 36.7% 19.1% 9.9% 0.68 0.41 29.58% 67.54% -

Price/ Cash Flow

LTM

FY+1

0.80 619.79 28.80% 28.22% 0.801 35 4.143 1'879'803 1'888'854 1'622'686 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 100'540.0 101'706.0 103'463.2 107'186.0 26'000.2 27'061.0 7.38x 8.85x 2.39x 2.29x 9.40x 9.01x 39'047.0 37'308.0 35'595.0 38'267.2 9'434.0 9'209.1 5.05x 6.18x 7.06x 6.56x 6.73x 6.64x 3'303.0 13'693.0 15'544.4 17'419.1 4'320.2 4'146.0 46.89x 13.57x 13.50x 12.00x 12.13x 11.93x S&P Issuer Ratings Long-Term Rating Date 12.04.2010 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 25.09.2001 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 17.34 (EBITDA-Capex)/Interest Exp. 9.99 Net Debt/EBITDA 1.05 Total Debt/EBITDA 1.51 Reference Total Debt/Equity 67.5% Total Debt/Capital 39.3% Asset Turnover 0.59 Net Fixed Asset Turnover 2.28 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

120'000.0

8.00

100'000.0

7.00

80'000.0

6.00 5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Telenor ASA Holdings By:

All

Holder Name NORWEGIAN GOVT MINIS STATE STREET CORP GOVERNMENT PENSION F BANK OF NEW YORK MEL JP MORGAN CHASE BANK CLEARSTREAM BANKING FRANKLIN RESOURCES NORTHERN TRUST CO FMR LLC DNB NOR ASSET MANAGE WILLIAM BLAIR & COMP MANNING & NAPIER ADV EUROCLEAR BANK SA VANGUARD GROUP INC THORNBURG INVESTMENT KLP AKSJENORGE JP MORGAN UBS AG STOREBRAND FUND MANA BLACKROCK

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Exane BNP Paribas MICHAEL WILLIAMS AlphaValue JEAN-MICHEL SALVADOR Swedbank SVEN SKOLD Goldman Sachs ANDREW LEE S&P Capital IQ ALEXANDER WISCH Jefferies ULRICH RATHE Landesbank Baden-Wuerttemberg RALPH SZYMCZAK SEB Enskilda ANDREAS JOELSSON Arctic Securities ASA MARKUS BJERKE Barclays MAURICE PATRICK Danske Markets ERIK STRANDIN PERS HSBC DOMINIK KLARMANN Fondsfinans AS DANIEL JOHANSSON Deutsche Bank KEVAL KHIROYA Berenberg Bank BARRY ZEITOUNE Credit Suisse JAKOB BLUESTONE SpareBank 1 Markets AS TORE A TONSETH Grupo Santander JOHN DAVIES Morgan Stanley TERENCE TSUI ABG Sundal Collier OLE PETTER KJERKREIT Nordea Equity Research STEFAN GAUFFIN Handelsbanken THOMAS HEATH Nomura JAMES BRITTON DNB Markets CHRISTER ROTH New Street Research RUSSELL WALLER Kepler Cheuvreux PETER KURT NIELSEN Carnegie ESPEN TORGERSEN UBS NICK LYALL EVA Dimensions ANDREW S ZAMFOTIS Espirito Santo Investment Bank Research ANDREW HOGLEY Pareto Securities THOMAS NIELSEN JPMorgan AKHIL DATTANI

Source EXCH ULT-AGG EXCH EXCH EXCH EXCH ULT-AGG EXCH ULT-AGG MF-AGG 13F MF-AGG EXCH ULT-AGG MF-AGG EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation market perform neutral add buy Buy/Neutral strong buy buy hold sell hold overweight buy overweight buy buy hold neutral buy buy Overwt/In-Line buy buy accumulate buy buy neutral buy hold buy hold buy sell overweight

Amt Held 818'449'421 104'204'978 78'330'639 42'932'391 40'517'950 30'084'175 23'446'671 21'466'419 14'035'101 14'004'233 12'093'787 12'089'340 10'957'191 7'100'877 6'772'900 6'556'150 6'376'132 6'237'871 6'105'425 5'389'967

% Out 53.97 6.87 5.16 2.83 2.67 1.98 1.55 1.42 0.93 0.92 0.8 0.8 0.72 0.47 0.45 0.43 0.42 0.41 0.4 0.36

Weighting

Change 3 3 4 5 5 5 5 3 1 3 5 5 5 5 5 3 3 5 5 5 5 5 4 5 5 3 5 3 5 3 5 1 5

M M M U M M M M M M M M M N M M D M M M U D M M M M M M M U M M M

Latest Chg (43'726) (4'492'875) (909'719) (151'496) 3'438'004 (3'550) (415'022) 11'403 (115'419) 93'419 (331'895)

Target Price 140 130 153 145 179 150 145 135 108 130 160 150 150 146 140 129 130 140 143 150 136 147 135 136 146 131 130 #N/A N/A 140 #N/A N/A 150 105 130

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.09.2013 27.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 28.06.2013 23.09.2013 31.07.2013 31.05.2013 30.06.2013 31.12.2012 23.09.2013 30.06.2013 31.07.2013 23.09.2013 31.07.2013 31.07.2013 31.08.2013 26.09.2013

Date 12 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month Not Provided 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 6 month 3 month

Inst Type Government Investment Advisor Government Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 26.09.2013 23.09.2013 19.09.2013 19.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 18.09.2013 12.09.2013 12.09.2013 05.09.2013 29.08.2013 28.08.2013 27.08.2013 22.08.2013 06.08.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 19.07.2013 16.07.2013 13.05.2013 02.05.2013 22.04.2013 13.02.2013 21.01.2013

30.09.2013

AP Moeller - Maersk A/S A.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The Company's fleet includes container vessels, tankers, supply ships, special vessels, and oil drilling rigs. A.P. Moeller-Maersk also operates industrial, and supermarket businesses, and explores for and produces oil and gas. The Company is active worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAERSKB DC EQUITY YTD Change MAERSKB DC EQUITY YTD % CHANGE

12/2012 06/yy 52'750.00 39'720.00 2'991.00 51050 -3.22% 28.52% 91.56% 2.2 218'043.73 111'064.00 0.0 13'744.0 15'171.00 315'426.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

50000

.0 M

40000

.0 M

30000

.0 M

20000

.0 M

10000

.0 M

0 o-12

31.12.2009 31.12.2010 260'336.0 315'396.0 1.01x 0.97x 49'262.0 89'218.0 5.34x 3.44x (7'027.0) 26'455.0 8.33x Profitability

LTM-4Q 31.12.2011 322'520.0 0.84x 78'506.0 3.44x 15'189.0 10.96x

31.12.2012 342'058.0 0.85x 72'897.0 4.00x 21'673.0 8.59x 72'897.00 41'924.00 12.26% 12.43% 4.49% 8.99% 0.80% 21.4% 12.3% 6.3% 1.15 0.67 26.40% 53.19% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

s-13

1.02 26.49% 23.28% 1.016 32 3.844 4'667 4'936 4'470 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 333'510.0 332'253.0 326'835.5 342'010.1 82'167.4 83'562.3 3.25x 3.49x 0.99x 0.93x 3.86x 3.90x 69'058.0 71'086.0 70'534.2 78'914.6 18'790.0 18'925.4 4.06x 3.91x 4.47x 4.00x 4.00x 3.85x 13'991.0 18'749.0 19'306.0 24'841.9 6'001.9 5'620.0 12.07x 10.90x 11.72x 9.25x 9.42x 8.80x S&P Issuer Ratings Long-Term Rating Date 25.09.2013 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 15.68 (EBITDA-Capex)/Interest Exp. 7.80 Net Debt/EBITDA 1.18 Total Debt/EBITDA 1.41 Reference Total Debt/Equity 53.2% Total Debt/Capital 33.3% Asset Turnover 0.80 Net Fixed Asset Turnover 1.31 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

400'000.0

8.00

350'000.0

7.00

300'000.0

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0

3.00

100'000.0

2.00

50'000.0

1.00 0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 311'821.0 0.68x 83'945.0 2.52x 16'960.0 6.86x

60000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

AP Moeller - Maersk A/S Holdings By:

All

Holder Name AP & CHASTINE MOLLER AP MOLLER C MCKINNEY FRANKLIN RESOURCES MC-KINNEY MOLLER MAE DEN AP MOLLERSKE STO NORGES BANK AP MOLLER - MAERSK A VANGUARD GROUP INC SKAGEN AS CAPITAL GROUP COMPAN NORDEA INV MANAGEMEN JANUS CAPITAL MANAGE BLACKROCK DANSKE INVEST A/S SPARINVEST ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA MANDARINE GESTION PERPETUAL INVESTMENT HANDELSBANKEN FONDER

Firm Name Deutsche Bank Jyske Bank SEB Enskilda Cantor Fitzgerald Carnegie Nordea Equity Research Danske Markets AlphaValue Handelsbanken Morgan Stanley DNB Markets Goldman Sachs Jefferies Equita SIM SpA EVA Dimensions Kepler Cheuvreux SpareBank 1 Markets AS RS Platou Markets HSBC Macquarie NYKREDIT Fearnley Fonds Clarkson Capital Markets LLC ABG Sundal Collier Alm Brand Markets ABN Amro Bank N.V. JPMorgan Nomura Credit Suisse UBS

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOSE FRANCISCO RUIZ SOLERA FRANS HOYER MIKKEL M NIELSEN ROBIN BYDE STIG FREDERIKSEN FINN BJARKE PETERSEN ERIK BERGOO HELENE COUMES DAN TOGO JENSEN PENNY BUTCHER NICOLAY DYVIK NICK EDELMAN JOHNSON LEUNG GIANMARCO BONACINA TIMOTHY STANISH BEAT KEISER GLENN LODDEN FRODE MOERKEDAL JULIA WINARSO ROBERT JOYNSON RICKY S RASMUSSEN RIKARD VABO URS M DUR LARS HEINDORFF JESPER CHRISTENSEN MARK VAN DER GEEST CHRISTOPHER G COMBE MARK MCVICAR NEIL GLYNN DOMINIC EDRIDGE

Source Co File Co File ULT-AGG Co File Co File MF-AGG Co File ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy reduce buy hold buy hold buy reduce buy Equalwt/In-Line hold Buy/Neutral underperform buy overweight buy neutral neutral overweight outperform outperform accumulate market perform buy neutral buy neutral buy underperform neutral

Amt Held 905'933 216'483 82'696 81'758 64'615 53'167 29'729 27'574 21'558 16'274 16'124 8'828 8'644 8'367 7'276 6'932 6'316 6'218 6'148 6'084

% Out 41.22 9.85 3.76 3.72 2.94 2.42 1.35 1.25 0.98 0.74 0.73 0.4 0.39 0.38 0.33 0.32 0.29 0.28 0.28 0.28

Weighting

Change 5 2 5 3 5 3 5 2 5 3 3 5 1 5 5 5 3 3 5 5 5 4 3 5 3 5 3 5 1 3

M D M M M D M M M M M M M M D N U M M U M M M M M M M M M M

Latest Chg (4'863) 1'119 2'130 1'449 1'519 (4'984) 2'365 (56) 196 (102) (582) 1'516

Target Price 60'350 52'000 61'700 #N/A N/A #N/A N/A 55'000 65'000 47'172 61'000 56'000 51'000 62'000 34'500 60'000 #N/A N/A 57'500 50'000 55'000 58'000 57'000 #N/A N/A 55'000 45'250 57'000 50'000 52'500 49'500 56'000 42'700 43'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 30.06.2013 31.12.2011 31.12.2011 31.12.2012 31.12.2011 30.06.2013 30.08.2013 30.06.2013 31.07.2013 30.06.2013 26.09.2013 31.05.2013 30.08.2013 31.07.2013 30.06.2013 30.08.2013 31.08.2013 30.08.2013

Date 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 6 month 6 month Not Provided 12 month Not Provided Not Provided 12 month 6 month Not Provided Not Provided 15 month 12 month Not Provided 12 month

Inst Type Endowment Other Investment Advisor n/a Other Government Corporation Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 24.09.2013 12.09.2013 06.09.2013 03.09.2013 30.08.2013 26.08.2013 26.08.2013 22.08.2013 22.08.2013 22.08.2013 20.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 18.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 22.07.2013 18.06.2013

30.09.2013

Royal Bank of Scotland Group PLC Royal Bank of Scotland Group plc, through subsidiaries, accepts deposits and offers commercial banking services. The bank offers business term loans, commercial mortgages, professional practice loans, asset finance and invoice finance loans, residential mortgages, consumer loans, credit cards, financial planning services, and life, personal lines, and income protection insurance.

Price/Volume 40.0 M

300

35.0 M 30.0 M 25.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (25.09.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RBS LN EQUITY YTD Change RBS LN EQUITY YTD % CHANGE

12/2012 06/yy 380.60 252.70 5'846'029.00 358.8 -5.70% 41.99% 88.98% 6'164.9 40'418.52 316'688.00 0.0 2'318.0 108'458.00 -

20.0 M

150

15.0 M

100

10.0 M

5.0 M

0 o-12

31.12.2009 31.12.2010 40'844.0 37'526.0 (2'672.0) (1'001.0) Profitability

LTM-4Q 31.12.2011 32'433.0 (1'997.0) -

31.12.2012 28'263.0 (5'683.0) 28.75% -24.44% -0.25% -4.65% -0.77% 0.02% -26.9% 24.13% 464.83% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 27'234.0 0.00x 0.0 0.00x (2'604.0) 0.00x

06/yy 27'722.0 0.00x 0.0 0.00x (3'332.0) 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

0.00 1.50 2'199.22 39.61% 10.57% 1.503 33 2.758 12'043'460 11'530'440 13'306'070 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'588.1 20'228.1 4'984.0 4'787.5 1'802.5 3'206.9 294.0 20.74x 12.25x 15.81x S&P Issuer Ratings

29.11.2011 ANEG 29.11.2011 A-2 464.8% 81.8% 0.02 2.69 -

Sales/Revenue/Turnover

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

45.0 M

350 250

Valuation Analysis

31.12.2008 54'331.0 (23'710.0) -

400

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Royal Bank of Scotland Group PLC Holdings By:

All

Holder Name UNITED KINGDOM GOVER SCHRODER INVESTMENT LEGAL & GENERAL BLACKROCK MAJEDIE ASSET MANAGE VANGUARD GROUP INC THORNBURG INVESTMENT TD DIRECT INVESTING SCHRODER INVESTMENT EDINBURGH PARTNERS L FIL LIMITED RBS GROUP PLC ESOP HALIFAX SHARE DEALIN NORGES BANK INVESTME STANDARD LIFE INVEST NORGES BANK UBS AG SCOTTISH WIDOWS STATE STREET CORP JUPITER ASSET MANAGE

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst

Shore Capital Stockbrokers GARY GREENWOOD Numis Securities Ltd MICHAEL J TRIPPITT Barclays ROHITH CHANDRA-RAJAN Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Sanford C. Bernstein & Co CHIRANTAN BARUA Deutsche Bank JASON NAPIER Investec IAN GORDON AlphaValue DAVID GRINSZTAJN Day by Day VALERIE GASTALDY UBS JOHN-PAUL CRUTCHLEY JPMorgan RAUL SINHA Redburn Partners FAHED KUNWAR Mediobanca SpA CHRISTOPHER J WHEELER Macquarie EDWARD FIRTH Credit Suisse CARLA ANTUNES-SILVA Berenberg Bank JAMES CHAPPELL Keefe, Bruyette & Woods MARK J PHIN Goldman Sachs FREDERIK THOMASEN Jefferies JOSEPH DICKERSON Societe Generale JAMES INVINE Oriel Securities Ltd VIVEK RAJA Morgan Stanley CHRISTOPHER MANNERS S&P Capital IQ FRANK BRADEN HSBC PETER TOEMAN RBC Capital Markets CLAIRE KANE EVA Dimensions DOUG WALTERS Grupo Santander ARTURO DE FRIAS Liberum Capital Ltd CORMAC LEECH Canaccord Genuity Corp GARETH HUNT Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA

Source RNS-MAJ REG ULT-AGG ULT-AGG REG ULT-AGG REG REG MF-AGG REG ULT-AGG REG REG REG REG MF-AGG ULT-AGG ULT-AGG ULT-AGG REG

Recommendation buy add overweight reduce neutral outperform sell sell sell hold neutral neutral neutral neutral underperform underperform sell market perform Buy/Neutral buy sell sell Equalwt/In-Line hold neutral sector perform underweight buy buy hold sell

Amt Held 3'964'483'519 117'887'408 87'438'206 75'495'427 74'492'455 73'555'946 70'966'159 70'359'299 64'472'547 48'587'103 42'026'570 34'038'412 33'111'460 32'566'512 32'552'133 31'122'455 30'927'109 30'304'436 29'069'079 28'488'028

% Out 64.31 1.91 1.42 1.22 1.21 1.19 1.15 1.14 1.05 0.79 0.68 0.55 0.54 0.53 0.53 0.5 0.5 0.49 0.47 0.46

Weighting

Change 5 4 5 2 3 5 1 1 1 3 3 3 3 3 1 1 1 3 5 5 1 1 3 3 3 3 1 5 5 3 1

M D M M M M M M M M D M M U M M M M M M D M M M D M U M U M D

Latest Chg 2'896'435 3'140'077 3'170'939 8'115'571 5'103'346 5'139'122 1'391'134 3'377'097 7'165'206 14'907'302 (17'009'823) 7'094'307 1'254'608 1'549'722 (7'620'837) (8'372'304) (1'428'154)

Target Price #N/A N/A 410 400 270 360 490 275 345 286 #N/A N/A 365 335 #N/A N/A 348 280 265 210 320 400 390 305 245 332 335 300 355 #N/A N/A 400 340 275 320

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.03.2013 03.06.2013 31.07.2013 26.09.2013 03.06.2013 30.06.2013 03.06.2013 03.06.2013 30.08.2013 03.06.2013 03.06.2013 03.06.2013 03.06.2013 03.06.2013 03.06.2013 31.12.2012 28.06.2013 03.06.2013 27.09.2013 03.06.2013

Date Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 6 month Not Provided 12 month 15 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Government Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Corporation Government Investment Advisor Government Unclassified Unclassified Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 25.09.2013 23.09.2013 20.09.2013 20.09.2013 19.09.2013 16.09.2013 11.09.2013 11.09.2013 04.09.2013 04.09.2013 02.09.2013 02.09.2013 23.08.2013 12.08.2013 06.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.07.2013 20.06.2013 06.06.2013 02.04.2013 20.03.2013 28.02.2013 29.01.2013

30.09.2013

Tenaris SA Tenaris S.A. manufactures seamless steel pipe products on a global basis. The Company also provides pipe handling, stocking, and distribution services to the oil and gas, energy, and mechanical industries. In addition, Tenaris supplies welded steel pipes for gas pipelines in South America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEN IM EQUITY YTD Change TEN IM EQUITY YTD % CHANGE

12/2012 06/yy 18.45 13.80 956'875.00 17.04 -7.59% 23.48% 73.76% 1'180.5 20'116.35 1'744.19 0.0 172.3 1'472.87 27'174.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 12'131.8 1.16x 3'560.8 3.94x 2'124.8 7.06x

20 18 16 14 12 10 8 6 4 2 0 o-12

31.12.2009 31.12.2010 8'149.3 7'711.6 3.15x 3.77x 2'318.5 2'080.4 11.08x 13.99x 1'161.6 1'127.4 21.37x 25.49x Profitability

LTM-4Q 31.12.2011 9'972.5 2.23x 2'449.1 9.06x 1'331.2 16.38x

31.12.2012 10'834.0 2.29x 2'924.3 8.47x 1'699.0 14.31x 2'924.26 2'356.61 21.75% 20.70% 10.40% 14.60% 12.99% 0.69% 38.7% 26.7% 21.1% 15.7% 2.47 1.25 10.93% 15.32% 5.29 2.35

Price/ Cash Flow

LTM

06/yy 10'664.2 7.69x 2'792.9 7.63x 1'619.4 12.68x

06/yy 10'922.8 8.88x 2'918.4 8.09x 1'636.7 14.49x

FY+1

0.79 463.52 9.55% 10.91% 0.795 11 2.455 1'623'957 1'368'565 1'660'641 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'098.0 11'844.3 2'677.7 2'827.7 2.41x 2.20x 10.02x 9.46x 2'886.5 3'151.9 695.0 741.5 9.41x 8.62x 9.11x 8.94x 1'712.7 1'915.8 422.5 458.0 15.93x 14.27x 14.88x 14.41x S&P Issuer Ratings

52.68 38.46 -0.07 0.52 15.3% 13.1% 0.69 2.50 69.03 155.00 52.12 178.86

Sales/Revenue/Turnover

50.00

14'000.0

45.00

12'000.0

40.00 35.00

10'000.0

30.00

8'000.0

25.00

6'000.0

20.00

4'000.0

15.00 10.00

2'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Tenaris SA Holdings By:

All

Holder Name SAN FAUSTIN NV ABERDEEN BLACKROCK COMGEST GROWTH PLC VANGUARD GROUP INC COMGEST S A AMUNDI HINOJOSA GUILLERMO VOGEL GUILLERMO ARCA SGR SPA FIDEURAM GESTIONS SA EATON VANCE MANAGEME CREDIT SUISSE AG UNION INVESTMENT GMB STATE STREET CORP EURIZON CAPITAL SGR CAISSE DE DEPOT ET P PIONEER DB PLATINUM ADVISORS Comgest Asset Manage

Firm Name Credit Suisse Exane BNP Paribas AlphaValue Kepler Cheuvreux Banca Akros(ESN) Mediobanca SpA Equita SIM SpA Natixis Goldman Sachs Banca IMI EVA Dimensions Simmons & Company International

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst MICHAEL SHILLAKER RAPHAEL VEVERKA FABRICE FARIGOULE GEOFFROY STERN FRANCESCO SALA ANDREA SCAURI ROBERTO LETIZIA JULIEN LAURENT HENRY TARR BRUNO PERMUTTI DOUG WALTERS STEPHEN WILLIAMS

Source 20F ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 20F 20F MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation underperform neutral reduce hold reduce underperform hold neutral Sell/Neutral hold overweight overweight

Amt Held 713'605'187 59'302'643 6'977'529 5'592'792 4'891'287 3'874'938 2'436'548 1'915'446 1'325'446 1'163'874 1'005'583 769'237 768'856 735'000 634'478 625'113 582'661 580'652 553'183 552'010

% Out 60.45 5.02 0.59 0.47 0.41 0.33 0.21 0.16 0.11 0.1 0.09 0.07 0.07 0.06 0.05 0.05 0.05 0.05 0.05 0.05

Weighting

Change 1 3 2 3 2 1 3 3 1 3 5 5

M M M M M M M M M M M U

Latest Chg 2'638 9'843 155'300 3'874'938 1'734'038 (92'578) 88'000 26 (36'709) 1'772 51'616 5'730

Target Price 15 17 17 18 16 14 17 16 15 16 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2012 31.08.2013 26.09.2013 28.06.2013 30.06.2013 31.05.2013 30.04.2013 30.04.2008 31.03.2012 28.06.2013 30.08.2013 31.07.2013 30.08.2013 28.03.2013 27.09.2013 30.06.2013 31.12.2012 30.04.2013 31.07.2013 28.06.2013

Date Not Provided Not Provided 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified

Date 23.09.2013 23.09.2013 19.09.2013 17.09.2013 19.08.2013 16.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 06.06.2013 13.01.2010

30.09.2013

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATCOB SS EQUITY YTD Change ATCOB SS EQUITY YTD % CHANGE

12/2011 06/yy 176.40 131.90 490'094.00 167.7 -4.88% 27.14% 86.74% 390.2 221'902.78 21'052.00 0.0 54.0 12'416.00 234'227.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 74'177.0 1.38x 15'808.0 6.48x 10'157.0 8.16x

200 180 160 140 120 100 80 60 40 20 0 o-12

31.12.2009 31.12.2010 63'762.0 69'875.0 2.15x 2.97x 11'527.0 16'400.0 11.87x 12.67x 6'244.0 9'921.0 20.51x 20.80x Profitability

LTM-4Q 31.12.2011 81'203.0 2.39x 20'061.0 9.68x 12'963.0 13.86x

31.12.2012 90'533.0 2.43x 21'891.0 10.05x 13'901.0 15.57x 21'891.00 19'227.00 21.24% 20.48% 15.84% 41.12% 1.06% 38.4% 24.1% 21.0% 15.4% 2.44 1.32 25.94% 60.01% 2.85

Price/ Cash Flow

LTM

06/yy 88'720.0 8.47x 21'688.0 8.93x 13'987.0 12.87x

06/yy 86'912.0 9.86x 20'959.0 9.96x 13'004.0 15.12x

FY+1

1.21 26.42% 9.80% 1.210 0 709'483 858'217 949'753 FY+2

FQ+1

FQ+2

24.02.2011 A STABLE 24.02.2011 A-1 21.93 20.26 0.58 1.25 60.0% 37.5% 1.06 9.73 127.93 134.61

Sales/Revenue/Turnover

25.00

100'000.0 90'000.0 80'000.0

20.00

70'000.0 15.00

60'000.0

10.00

50'000.0 40'000.0 30'000.0 20'000.0

5.00

10'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Atlas Copco AB Holdings By:

All

Holder Name SWEDBANK ROBUR FONDE AMF ALECTA PENSIONSFORSA HARRIS ASSOCIATES LP INVESTOR AB SEB CAPITAL GROUP COMPAN FOLKSAM LO FOND AB NORDEA FONDER AB/SWE AMF FONDER AB HANDELSBANKEN FONDER FORSTA AP FONDEN VANGUARD GROUP INC FJARDE AP-FONDEN FOLKSAM GROUP ANDRA AP FONDEN NOMURA DANSKE BANK A/S BLACKROCK ODIN FORVALTNING AS

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

Source Research Research Research MF-AGG Research ULT-AGG ULT-AGG MF-AGG Co File MF-AGG Research Research ULT-AGG Research Research Research ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation

Amt Held 30'603'585 28'955'671 20'488'000 12'396'200 12'091'885 11'393'864 10'569'906 10'401'693 8'787'802 8'021'520 6'007'985 5'057'652 4'905'169 4'775'620 3'670'004 3'080'594 2'673'976 2'669'087 2'553'389 2'242'602

% Out 7.84 7.42 5.25 3.18 3.1 2.92 2.71 2.67 2.25 2.06 1.54 1.3 1.26 1.22 0.94 0.79 0.69 0.68 0.65 0.57

Weighting

Change

Latest Chg 7'937'200 (1'852'281) (15'688'828) 282'131 (3'855'000) (165'161) (1'619'254) (35'281) 14'057 956'725

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Other 31.12.2012 Pension Fund (ERISA) 30.06.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Unclassified 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2010 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Unclassified 31.12.2012 Pension Fund (ERISA) 31.12.2012 Insurance Company 31.12.2012 Pension Fund (ERISA) 15.01.2013 Unclassified 30.06.2013 Bank 26.09.2013 Investment Advisor 30.08.2013 Investment Advisor

Date

30.09.2013

Christian Dior SA Christian Dior SA manufactures luxury products such as upscale clothing, champagne and wines, cognac and spirits, luggage and leather goods, perfumes and cosmetics, and jewelry and watches. The Company markets its products internationally.

Price/Volume 160

.4 M

140

.3 M

120

.3 M

100

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CDI FP EQUITY YTD Change CDI FP EQUITY YTD % CHANGE

04/2013 04/yy 148.10 104.20 20'529.00 142.9 -3.51% 37.14% 92.37% 181.7 25'968.79 8'534.00 0.0 17'036.0 1'925.00 49'613.79

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

60 40

.1 M

0 o-12

31.12.2008 31.12.2009 17'933.0 17'745.0 1.26x 1.55x 4'294.0 4'102.0 5.24x 6.69x 796.0 695.0 9.02x 18.40x Profitability

LTM-4Q 31.12.2010 21'123.0 1.68x 5'175.0 6.85x 1'261.0 15.14x

31.12.2011 24'628.0 1.55x 6'266.0 6.08x 1'279.0 12.83x 7'221.00 6'090.00 20.38% 19.57% 65.4% 24.2% 20.4% 4.8% 1.41 0.36 15.36% 77.84% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

12/yy 24'628.0 0.00x 0.0 0.00x 0.0 0.00x

04/yy 29'881.0 0.00x 0.0 0.00x 0.0 0.00x

a-13

m-13

j-13

a-13

s-13

FY+1

1.01 51.20 39.35% 12.42% 1.007 14 4.429 56'212 67'650 70'403 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 07/13 Q1 10/13 Q2 30'880.0 33'190.8 1.59x 1.45x 7'439.8 8'218.7 6.66x 6.03x 1'780.2 2'186.8 15.22x 13.16x S&P Issuer Ratings

37.41 27.34 0.92 1.18 77.8% 23.4% -

Sales/Revenue/Turnover

7.00

35'000.0

6.00

30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 31.12.2010

.0 M n-12

Fiscal Year Ended 31.12.2007 17'245.0 1.74x 4'207.0 7.14x 880.0 18.20x

.2 M

Valuation Analysis

0.0 30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.09.2013

Christian Dior SA Holdings By:

All

Holder Name GROUPE ARNAULT SAS NORGES BANK CHRISTIAN DIOR SA FIL LIMITED MORGAN STANLEY HARRIS ASSOCIATES LP BANK OF NEW YORK MEL VANGUARD GROUP INC SCHRODER INVESTMENT BLACKROCK CAPITAL GROUP COMPAN PICTET FUNDS FMR LLC WILLIAM BLAIR & COMP NATIXIS ASSET MANAGE SUN LIFE FINANCIAL I OPPENHEIMERFUNDS INC PALATINE ASSET MANAG SOCIETE GENERALE LBPAM

Firm Name Aurel - BGC AlphaValue HSBC Goldman Sachs Bryan Garnier & Cie Natixis UBS Raymond James Oddo & Cie Day by Day Kepler Cheuvreux EVA Dimensions Main First Bank AG JPMorgan

Portfolio Name n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a WILLIAM BLAIR & COMP Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DAVID DA MAIA VIRGINIE BLIN ANTOINE BELGE MARKUS IWAR LOIC MORVAN OLIVIER DELAHOUSSE EVA QUIROGA MARC WILLAUME LEOPOLD AUTHIE VALERIE GASTALDY CATHERINE ROLLAND CRAIG STERLING GAEL COLCOMBET MELANIE A FLOUQUET

Source Research MF-AGG Co File ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy neutral Buy/Neutral buy buy neutral outperform buy buy buy underweight outperform overweight

Amt Held 127'874'042 3'086'664 2'380'206 1'530'736 1'127'428 950'136 668'615 616'657 473'290 472'766 431'000 375'750 370'302 318'023 316'395 283'557 249'210 247'310 245'347 221'701

% Out 70.37 1.7 1.31 0.84 0.62 0.52 0.37 0.34 0.26 0.26 0.24 0.21 0.2 0.18 0.17 0.16 0.14 0.14 0.14 0.12

Weighting

Change 5 5 3 5 5 5 3 5 5 5 5 1 5 5

M M M M M M M M M U M U M M

Latest Chg 33'750 522'838 345'522 333'736 (8'727) 751 (141'619) 667 65'000 (8'261) 11'620 (546'764) (1'922) 8'212 39'140 (53) 1'012

Target Price 160 181 156 190 145 154 135 #N/A N/A 154 148 160 #N/A N/A 174 110

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.10.2012 31.12.2012 30.04.2012 30.04.2013 30.06.2013 30.06.2013 27.09.2013 30.06.2013 28.03.2013 26.09.2013 30.06.2013 31.05.2013 31.07.2013 30.06.2013 31.05.2013 31.07.2013 31.07.2013 30.08.2013 30.04.2013 28.03.2013

Date 6 month 6 month Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided 12 month Not Provided

Inst Type Holding Company Government n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor

Date 27.09.2013 26.09.2013 20.09.2013 31.07.2013 29.07.2013 29.07.2013 28.07.2013 17.07.2013 05.07.2013 01.07.2013 15.05.2013 21.02.2013 09.01.2013 15.12.2011